 | |
| Company type | Public |
|---|---|
| Industry | Financial services |
| Founded | April 1994 (31 years ago) (1994-04) |
| Founder | S. P. Hinduja |
| Headquarters | Mumbai, Maharashtra, India |
Key people |
|
| Products | |
| Revenue |  ₹56,351 crore (US$6.7 billion) (2025)[2] |
 ₹10,661 crore (US$1.3 billion) (2025)[2] | |
| ₹2,575 crore (US$300 million) (2025)[2] | |
| Total assets | ₹554,018 crore (US$66 billion) (2025)[2] |
| Total equity | ₹64,835 crore (US$7.7 billion) (2025)[2] |
| Owner | Hinduja Group (16.29%)[3] |
Number of employees | 44,974 (2025)[4][2] |
| Subsidiaries | BFIL[5] |
| Capital ratio | 15.31%[2] |
| Website | www |
IndusInd Bank Limited is an Indian banking andfinancial services company based inMumbai.[6] It was established in April 1994 andpromoted by theHinduja Group.[7][8]
IndusInd Bank was among nine 'new-generation'[a] banks that obtained a banking license in 1994; it was started byS. P. Hinduja along with hundreds ofNRI and other shareholders.[9] Named after theIndus Valley Civilisation, the bank began its operations on 17 April 1994, after being inaugurated by the thenUnion Finance MinisterManmohan Singh.[10][11] It launched itsinitial public offering in 1997.[12]
In 2004, IndusInd Bank completed its merger with Ashok Leyland Finance, avehicle financing company which was also part of theHinduja Group.[13]
IndusInd Bank listed on theLuxembourg Stock Exchange in 2007 by issuingglobal depository receipts (GDRs) worth₹147 crore (US$35.55 million). In 2008, it issued fresh GDRs worth₹222 crore (US$51.03 million).[14]
In 2011, IndusInd Bank acquiredDeutsche Bank India's loss-making credit cards division.[15]
In October 2017, IndusInd Bank announced its acquisition ofBharat Financial Inclusion Limited (BFIL) for₹15,000 crore (US$2.3 billion).[16] The merger was officially completed in July 2019.[17]
In April 2024, it piloted theReserve Bank of India's programmableCentral Bank Digital Currency (CBDC), in collaboration with Circularity Innovation Hub, targeting the disbursement of CBDC to farmers inMaharashtra'sRatnagiri district in exchange for carbon credits.[18]
As of March 2025, the bank has 41 million customers, 3,081 branches, and 3,027ATMs in India.[19] It is an empaneled banker forMCX. Its shares have been a part of theNIFTY 50 index since 1 April 2013.[20]
Between 2023 and 2025, IndusInd Bank identified accounting irregularities related to itsforex derivatives transactions, after a September 2023 directive from theReserve Bank of India (RBI) mandated banks to adoptmark-to-market valuation for derivatives. An initial internal review estimated the potential financial impact at ₹1,572 crore in December 2023, which was revised upward to ₹2,361 crore by May 2024.[21]
On 11 March 2025, IndusInd Bank's shares crashed over 27% after it disclosed the discrepancies, with analysts raising questions on the bank's internal controls.[22] IndusInd Bank's Managing Director and CEO, Sumant Kathpalia, resigned in April 2025, taking "moral responsibility" for the discrepancies. His resignation followed that of Deputy CEO Arun Khurana, who stepped down a day earlier.[23]
Independent audits were conducted byPwC andGrant Thornton, with Grant Thornton estimating a cumulative impact of approximately ₹1,960 crore. In April 2025, the bank reported a reduction in net worth of ₹1,979 crore, or 2.27%, following revaluation adjustments.[24][25][26]
After the accounting discrepancies came to light, reports stated thatSEBI began investigating possibleinsider trading by senior officials of the bank.[27][28] In May 2025, SEBI banned Kathpalia and four others from dealing in the share market,[29] accusing them of selling shares before the bank publicly announced the losses and avoiding about ₹20 crore in losses. SEBI froze their accounts and barred them from trading while the investigation continued.[30]
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