IndusInd Bank Ltd. – All You Need To Know

Listen to our Podcast: Grow your wealth and keep it secure.

0:00 / 0:00

IndusInd Bank Ltd., a significant player in the Indian banking sector, continuously aids in the nation’s economic development. The bank stands as a trustworthy and pioneering financial institution, committed to offering a broad spectrum of banking and financial services to a diverse range of clients, from individuals to large corporations. Its dedication to excellence and customer contentment is clear in its strong infrastructure, advanced technological solutions, and a wide array of products and services designed to satisfy the diverse requirements of its customer base. 

This blog acts as a thorough guide, providing a detailed understanding of IndusInd Bank Ltd., its functioning, accomplishments, and its dedication to promoting economic advancement and enhancing the customer experience.

About IndusInd Bank Ltd.

IndusInd Bank Ltd. stands as a new-generation bank in India, offering a range of banking and financial services to its diversified customer base. Below is a summary table with essential details about the bank.

AspectDetails
FounderSrichand P Hinduja
Industry TypeBanking & Financial Services
Founded1994
HeadquartersPune, India
Key PeopleSunil Mehta (Chairman)
Sumant Kathpalia (MD & CEO)
Market Cap₹1.11 trillion
Number of Employees38,179
Number of Branches2606
Number of ATMs2878
Countries Present InIndia

Overview of IndusInd Bank Ltd.

IndusInd Bank Ltd. has a vast network, demonstrated by its remarkable 2606 branches strategically positioned to cater to a diverse range of customers. This extensive network highlights the bank’s dedication to ensuring banking services are accessible even in the most isolated regions, guaranteeing financial inclusion and assistance for all.

Furthermore, the bank operates a total of 2878 ATMs across various states, guaranteeing customers effortless and instant access to their funds whenever necessary. This extensive ATM network highlights the bank’s unwavering commitment to providing continuous and easily accessible services to its numerous patrons.

Beyond its vast presence through branches and ATMs, IndusInd Bank also maintains a significant online presence. The bank effectively utilises technology to deliver convenient and efficient banking experiences to its customers, eliminating the need to visit a branch in person.

IndusInd Bank’s influence extends to over 1,37,000 villages across 21 Indian states. By offering banking services in these regions, IndusInd Bank crucially contributes to the financial empowerment and inclusion of rural communities, significantly aiding the overall economic progress of the country.

IndusInd Bank Ltd. History

1994-1995: IndusInd Bank Ltd. begins operations, emphasising a diverse, efficient, customer-centric approach.

1996-1997: A successful IPO in November 1997 marks its step towards significant expansion, raising USD 30 million.

1997-2000: The bank enhances its product portfolio with services like Indus Home, FAST Forex and Indus Auto, catering to diverse financial needs.

2001-2003: The digital era for IndusInd begins with the introduction of ‘IndusNet’, Internet Banking, Phone Banking, and Mobile Banking services nationwide.

2003-2004: A strategic merger with Ashok Leyland Finance Limited and IndusInd Enterprises and Finance Ltd bolsters its market presence and financial strength. A Dubai office opens, marking international expansion.

2004-2005: The bank’s 100th branch opened at Dadar, Mumbai, and a second representative office was inaugurated in London, showing consistent growth.

2005-2006: The bank raised ₹170 crore through Tier-II bond issuance and formed strategic partnerships with Religare Securities and Aviva Life Insurance.

2007-2008: Mr. Romesh Sobti was appointed as the Managing Director and CEO, and the bank extended microfinance to over 300,000 women.

2009-2010: IndusInd Bank raises ₹480 crore through Qualified Institutions Placement and launches a solar-powered ATM in Maharashtra.

2010-2011: Innovative services like Choice Money ATM and Check-On-Cheque are introduced.

2011-2012: IndusInd acquires Deutsche Bank’s Credit Card business in India, further expanding its credit offerings.

2012-2013: The bank raised ₹2,000 crore and installed 100 solar-powered ATMs, highlighting its commitment to green initiatives.

2014-2015: The inauguration of India’s first Digital Branch at IndusInd Cybercity Station and achievement of the 1st Green Branch certification mark milestones in digital and green banking.

2016-2017: IndusInd Bank supports 18 para-athletes for the Paralympics 2016, demonstrating its commitment to social causes.

2017-2018: A significant merger announcement with Bharat Financial Inclusion Limited is made, coupled with substantial microfinance funding from OPIC and ADB.

2018-2019: The bank introduced the IndusInd Bank Duo Card and Nexxt Credit Card and was awarded the Best Commercial Bank of the Year (India) at the International Banker Awards.

2019-2020: The launch of the IndusInd Bank Celesta American Express Credit Card and a USD 400 million public bond highlight the bank’s continued growth.

2020-2021: IndusInd unveils a Zebu Bull sculpture in Mumbai and launches India’s first mobile app-based facility for opening current accounts.

Major Subsidiaries of IndusInd Bank Ltd.

Bharat Financial Inclusion Limited (BFIL) 

BFIL is an established subsidiary of IndusInd Bank Ltd., substantially contributing to the microfinance domain. This company is specifically dedicated to delivering financial services to India’s rural populace. The merger of BFIL with IndusInd Bank Ltd. signified a significant leap in expanding the bank’s micro-financial services. The partnership aids in ensuring that financial support reaches the distant and most isolated parts of the country, reflecting the commitment of IndusInd Bank to financial inclusion across all regions of India. BFIL Provides microloans for diverse needs, including business, education, and emergency needs. Played a considerable role in the reduction of poverty and the promotion of entrepreneurship in rural areas.

IndusInd Financial Inclusion Ltd.

A subsidiary that epitomises the bank’s focus on financial inclusion. IndusInd Financial Inclusion Ltd. works relentlessly to ensure the availability of financial services to the most marginalised sections, thereby actively supporting their economic upliftment.

Major Acquisitions by IndusInd Bank Ltd.

Deutsche Bank’s Credit Card Business in India 

IndusInd Bank expanded into the credit card market by acquiring the credit card business of Deutsche Bank in India. This move allowed the bank to offer a wider range of tailored solutions and products to a substantial new customer base, strengthening its position in the credit card sector.

Diamond & Jewellery Financing Business of RBS in India

The acquisition of the Diamond & Jewellery Financing business from RBS (Royal Bank of Scotland) solidified IndusInd Bank’s footing in this unique financing sector. The bank diversified its loan portfolio and gained a robust client base and significant market expertise in diamond and jewellery financing.

Bharat Financial Inclusion Limited Merger

Announcing a merger with Bharat Financial Inclusion Limited, IndusInd Bank considerably enhanced its microfinance portfolio. This partnership enhanced the bank’s reach to the unbanked and underserved population of India, reaffirming its commitment to financial inclusion.

Products/Brands Under IndusInd Bank Ltd.

1. IndusInd Bank Duo Card

The IndusInd Bank Duo Card is a notable product in the bank’s diverse portfolio, characterised by its dual functionality and convenience. It’s a single card that offers both debit and credit card facilities, providing customers with the convenience of not having to carry two separate cards for different financial transactions. Each side of the card has its own set of details for debit or credit transactions, ensuring that customers have a smooth and efficient transaction process. The Duo Card is a representation of IndusInd Bank’s continual commitment to offering innovative and customer-friendly banking solutions. It highlights the bank’s emphasis on technological advancement in making banking a more seamless and convenient experience for all its customers.

2. Nexxt Credit Card

The Nexxt Credit Card from IndusInd Bank is another innovative product, marking itself as India’s first interactive credit card. This credit card is equipped with buttons, allowing customers to choose their payment options at the point of sale. It offers multiple payment options and flexibility for customers to opt for credit, convert transactions into EMIs, or utilise their reward points as per their preferences. This degree of control and convenience in managing transactions showcases the Nexxt Credit Card’s uniqueness. 

Conclusion

IndusInd Bank Ltd. is a dependable choice for customers across India. Its innovative products like the Duo and Nexxt Credit Cards make banking easier and more convenient for everyone. The bank’s longstanding history showcases its solid commitment to its customers and the nation’s economic growth. With a wide network and varied services, IndusInd Bank continues to be a trusted partner for individuals and businesses alike, promising security and growth in all financial endeavours.

Share this article: 

Read More Blogs

Our Secure Trading Platforms

Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading

Bajaj Broking App Download

7.5 Lacs+ Users

icon-with-text

4.3+ App Rating

icon-with-text

4 Languages

icon-with-text

₹4300 Cr MTF Book

icon-with-text