IndusInd Bank is known for its customer-centric approach and innovative digital banking solutions. The bank has been recognized with numerous awards for its technological advancements and commitment to providing a seamless banking experience.
In recent years, IndusInd Bank has focused on expanding its digital offerings, launching user-friendly mobile banking apps and online platforms. This emphasis on digital innovation has enabled the bank to cater to the evolving needs of its tech-savvy customers.
Latest News on Indusind Bank
Rajiv Anand is likely to be considered for the top position at IndusInd Bank, according to insiders.
IndusInd Bank is considering Axis Bank’s Deputy Managing Director, Rajiv Anand, as a potential candidate for the role of Managing Director and CEO. This comes after the bank’s former CEO, Sumant Kathpalia, resigned taking moral responsibility for discrepancies found in the lender’s derivatives portfolio. Anand is set to retire from Axis Bank in August and has a strong background in retail, wholesale, and treasury, making him a suitable candidate for the role.
Sources close to the matter have indicated that Anand’s experience and skills make him a strong contender for the top job at IndusInd Bank. The bank’s board is looking for a candidate with retail experience, given its higher exposure to vehicle finance and micro loans. Anand’s background as a chartered accountant and his experience in handling mutual funds, retail, and wholesale segments, as well as his understanding of treasury, make him an attractive candidate.
Other candidates who may be considered for the role include Pralay Mondal, CEO of CSB Bank, Shanti Ekambaram from Kotak Mahindra Bank, and Anup Bagchi from ICICI Prudential Life Insurance. However, sources suggest that Anand is the most suited candidate for the job.
The discrepancies found in IndusInd Bank’s derivatives portfolio could have an impact of around ₹2,000 crore on the bank’s balance sheet. The bank’s former CEO, Sumant Kathpalia, resigned on April 29, taking moral responsibility for the discrepancies. The bank has received approval from the Reserve Bank of India to appoint a committee of executives to dispense the CEO’s duties until a new CEO is appointed.
Anand’s potential appointment as CEO of IndusInd Bank is seen as a positive move, given his experience and expertise in the banking sector. His retirement from Axis Bank in August is seen as a natural transition, and his consideration for the top job at IndusInd Bank is viewed as a natural next step in his career.
Overall, the search for a new CEO at IndusInd Bank is ongoing, and Anand is considered a strong contender for the role. His experience, skills, and background make him a suitable candidate to lead the bank forward, and his potential appointment is seen as a positive move for the bank.
Alert: New ATM transaction fees kick in from May 1 – Check the updated charges for SBI, BOB, HDFC, and ICICI Bank here
The Reserve Bank of India (RBI) has announced that it will charge fees for ATM transactions exceeding the free limit, effective May 1, 2025. The move aims to cover the costs of owning and maintaining ATMs, as well as providing services to customers of other banks. Under the new rules, customers will be charged an additional Rs 2 per transaction if they exceed their free withdrawal limit. The charge per transaction will increase from Rs 21 to Rs 23.
The number of free ATM transactions varies depending on the type of bank and location. Customers will be allowed five free ATM transactions at their own bank’s ATMs per month, three free transactions at other bank ATMs in metro cities, and five free transactions at other bank ATMs in non-metro cities. However, there will be no changes to the free transaction limits for savings account holders across banks in India.
Banks such as HDFC, PNB, and IndusInd have notified their customers about the changes. According to HDFC Bank, the ATM transaction charge rate beyond free limits will be revised to Rs 23 + taxes, applicable only after the free limit has been exceeded. Non-financial transactions will remain free. PNB has also revised its charges, with customers being charged Rs 23 per financial transaction and Rs 11 per non-financial transaction (excluding GST) at other banks’ ATMs.
IndusInd Bank has informed its customers that they will be charged Rs 23 per transaction for ATM cash withdrawals made at non-IndusInd Bank ATMs beyond the free limits, effective May 1, 2025. The new charges are aimed at helping banks recover the costs of maintaining and operating ATMs, as well as providing services to customers of other banks. Customers are advised to be mindful of their ATM transactions to avoid incurring additional charges. The revised charges will apply to all banks, including SBI, BOB, and ICICI Bank, among others.
Widespread disruption: India’s UPI transaction system crashes, leaving users unable to access multiple apps and services nationwide | Top News Stories
A major outage affected several UPI (Unified Payments Interface) apps on Saturday, preventing users from sending and receiving money. According to data from Downdetector, a website that tracks app outages, over 2,300 reports of UPI issues were submitted around 1 PM. Google Pay, Paytm, and various banks were among the apps affected. The outage caused significant inconvenience to users across India, marking the third major UPI outage in the past 30 days.
The most affected banks included State Bank of India (SBI), HDFC Bank, Axis Bank, Bank of India, Indian Bank, ICICI Bank, Kotak Mahindra Bank, Bank of Baroda, Federal Bank of India, IDBI Bank, Yes Bank, IndusInd Bank, and IDFC Bank. Many users reported issues with mobile banking, online banking, fund transfers, and bill payments.
While the outage was widespread, no single issue dominated the reports. Some users reported payment failures, while others experienced problems with transactions, mobile banking, and online banking. The exact cause of the outage is not clear, but it highlights the importance of reliable payment systems and the need for banks and fintech companies to prioritize user experience.
The recent outage serves as a reminder that technology can fail, and it is essential to have backup plans and redundancy measures in place to minimize the impact of outages. In the meantime, affected users are advised to monitor the situation and wait for further updates from their banks and fintech companies.
Stock Market Updates of Indusind Bank
Recent Updates
IndusInd Bank reports that two major banks have acquired corporate loans worth over Rs 10,000 crores, according to a latest update.
According to a recent report by The Economic Times, IndusInd Bank, a private lender, has made significant efforts to boost liquidity in the midst of a crisis. This crisis is attributed to accounting gaps in its derivatives books. To alleviate this issue, IndusInd Bank has allegedly struck multiple deals with private banks to transfer highly rated corporate loans.
ICICI Bank and Federal Bank have provided liquidity to IndusInd Bank by acquiring its highly rated corporate loans at an interest rate of 7.5 to 8%. These loans, valued at over Rs 10,000 crore, were acquired through the traditional Inter-Banking Participation Certificate (IBPC) market.
Notably, these bilateral trades between the two banks do not require public reporting. However, sources revealed that IndusInd Bank had been actively pursuing these deals for nearly 10 days. The exact value of these loans is difficult to determine due to the lack of transparency in these private transactions.
IndusInd Bank’s efforts to boost liquidity through these deals are seen as a step towards resolving the challenges it faces in its derivatives book. The bank’s actions demonstrate its commitment to addressing this crisis and maintaining its financial stability. The successful execution of these deals with ICICI Bank and Federal Bank is likely to be viewed as a positive sign, not only for IndusInd Bank but also for the overall banking industry.
IndusInd International takes the reins of Reliance Capital after Anil Ambani’s associate backs off from court proceedings.
Reliance Capital’s lenders have withdrawn their petition against IndusInd International Holdings Ltd (IIHL) before the National Company Law Appellate Tribunal (NCLAT). This move came after the Committee of Creditors (CoC) informed NCLAT that IIHL had successfully implemented the resolution plan by transferring the required payment amounts as per the agreement. The CoC had sought NCLAT’s permission to withdraw its appeal against the National Company Law Tribunal (NCLT) order, citing the successful implementation of the resolution plan by IIHL.
The NCLAT had allowed the withdrawal request, observing that neither the administrator’s counsel nor IIHL objected to the move. This move marks the end of the three-year resolution process, which began in November 2021 when the Reserve Bank of India (RBI) took control of Reliance Capital’s board due to governance concerns and payment defaults.
Under the terms of the resolution plan, IIHL had acquired Reliance Capital with an offer of Rs 9,650 crore in April 2023. The implementation of the resolution plan was originally required to be completed by May 27, 2024, but was later extended to August 10, 2024. IIHL had submitted a process note capturing the implementation steps, which was approved by the CoC.
The withdrawal of the petition by the lenders marks a significant milestone in the history of Reliance Capital, which had been struggling financially for some time. With the successful implementation of the resolution plan, Reliance Capital is now under the control of IIHL, which has assumed control of the company’s board and key subsidiaries, including Reliance Nippon Life Insurance, Reliance General Insurance, Reliance Securities, and Reliance Asset Reconstruction.
IndusInd Bank has decided to engage an independent firm to investigate apparent irregularities in its derivative accounts, according to reports by The Economic Times.
IndusInd Bank is set to appoint an independent firm to investigate discrepancies in its derivatives business, following a Reserve Bank of India (RBI) directive. The bank had been under scrutiny after it was found to have deviated from the regulatory norms and guidelines in its derivatives dealings.
According to sources, the bank had issued derivative products to its customers without proper due diligence, resulting in potential losses for the bank. The RBI had recently detected the irregularities and ordered an investigation, prompting the bank to take swift action to rectify the situation.
As a result, IndusInd Bank has decided to appoint an independent firm to investigate the matter, which is expected to be completed in a few weeks. The investigation firm will examine the bank’s derivatives business, identify the irregularities, and suggest corrective measures to ensure compliance with regulatory norms.
The bank has also sought the assistance of the RBI to conduct the investigation and recommendations to strengthen the derivatives business. The bank is also reviewing its internal processes and procedures to ensure that they are in line with the regulatory requirements and best practices.
It is worth noting that IndusInd Bank is not the only bank to face such issues. Several other banks and financial institutions in India have similarly run into difficulties with their derivatives businesses, raising concerns about the overall health of the banking sector.
The appointment of an independent firm to investigate the matter is a significant step in addressing the concerns and restoring confidence in the bank’s operations. The bank’s commitment to transparency and accountability in handling the issue demonstrates its commitment to maintaining the trust of its customers, investors, and stakeholders.
In conclusion, IndusInd Bank’s decision to appoint an independent firm to investigate its derivatives business is a prudent step in addressing the concerns raised by the RBI and restoring confidence in the bank’s operations. The bank’s commitment to transparency and accountability is commendable, and it is expected to emerge stronger and more resilient from this challenge.
Here’s a reworded version:India’s IndusInd Bank Secures Rs 11,000 Crore Through Successful CD Issue, Confidence-Building Move
IndusInd Bank raised 11,000 crores in certificates of deposit (CDs) on Monday, a significant move to shore up its funding position following a 2,000 crore accounting discrepancy in its derivatives book. The bank issued CDs across six maturities, ranging from three months to one year, with prices ranging from 7.80-7.90%. While the bank raised money at a slightly higher rate compared to its peers, the fact that it was able to mobilize 11,000 crores on a single day suggests that investors have regained confidence in the bank following the Reserve Bank of India’s (RBI) assurance that the bank is well-capitalized and has a satisfactory financial position.
The fundraising has allayed investor concerns about IndusInd’s ability to raise funds, given that nearly 50.8% of its promoter’s stake is pledged. The Hinduja Group, which has a 16.29% stake in the bank, is also considering selling a significant portion of its stake to raise funds.
The bank’s one-year CDs were priced at 7.90%, which is higher than its peers, such as Axis Bank, which offered 7.62% for the same maturity. However, the bank’s ability to create a liquidity buffer of 11,000 crores in a single day is a significant achievement, according to the treasury head of a private bank. The lack of trades in IndusInd’s bonds in the secondary market suggests that investors are preferring to invest directly in the primary market.
The RBI’s directive to have the bank complete remedial actions by the end of the quarter is also seen as a positive development, as it indicates that the bank is committed to addressing its accounting lapses and restoring investor confidence. Overall, the bank’s successful fundraising efforts on Monday are seen as a positive sign that the market is returning to normal, and that investors are regaining confidence in IndusInd Bank.
India’s central bank assesses IndusInd Bank’s financial condition as stable
The Reserve Bank of India has issued a statement assuring the public that IndusInd Bank, a private lender, is well-capitalized and its financial position remains satisfactory. This statement comes after IndusInd Bank reported an accounting discrepancy in its currency derivatives, which has led to an estimated $175 million impact on its earnings, equivalent to an entire quarter’s worth. The bank, backed by the Hinduja Group, has had a turbulent few months. The central bank has stated that there is no need for depositors to react to the speculative reports, and that the bank’s financial health remains stable, being closely monitored by the Reserve Bank.
IndusInd Bank has engaged an external audit team to review its current systems and assess the actual impact of the discrepancy. The bank’s financial health has been under scrutiny, and this move is aimed at restoring investor confidence. The Reserve Bank of India has reiterated that there is no cause for concern among depositors, and that the bank’s position remains stable. The move is expected to help restore investor confidence and stabilize the bank’s financial performance.
Take advantage of high-yield savings: Four top banks now offer fixed deposits with interest rates of 9.50% or higher – The Economic Times
According to a recent article in The Economic Times, four banks are currently offering fixed deposit (FD) interest rates above 9%. This is significant, considering that the average FD interest rate in the Indian banking system is around 5.5-6.5%. The higher interest rates on offer from these four banks provide attractive options for individuals looking to save and invest their funds for a fixed period.
Here are the four banks offering FD interest rates above 9%:
Kotak Mahindra Bank: 9.50% p.a. (compounded quarterly) for a 5-year tenure
Kotak Mahindra Bank is offering a highly competitive FD interest rate of 9.50% per annum for a 5-year tenure. This rate is 2.75% higher than the average FD interest rate offered by most banks.DCB Bank: 9.30% p.a. (compounded quarterly) for a 5-year tenure
DCB Bank, a private sector bank, is offering an FD interest rate of 9.30% per annum for a 5-year tenure. This rate is 2.8% higher than the average FD interest rate.IndusInd Bank: 9.25% p.a. (compounded quarterly) for a 5-year tenure
Indusind Bank, another private sector bank, is offering an FD interest rate of 9.25% per annum for a 5-year tenure. This rate is 2.7% higher than the average FD interest rate.- Bank of Baroda: 9.20% p.a. (compounded quarterly) for a 5-year tenure
Bank of Baroda, a public sector bank, is offering an FD interest rate of 9.20% per annum for a 5-year tenure. This rate is 2.65% higher than the average FD interest rate.
These higher interest rates can be beneficial for individuals looking to save and invest their funds for a fixed period. However, it’s essential to note that FD interest rates may vary depending on factors such as the bank’s tier-wise classification, deposit amount, and tenure. It’s recommended to check the interest rates and terms and conditions of each bank before investing in an FD.
Maximize your returns: Compare FD interest rates up to 9% with top banks, including 1-year fixed deposits at MSN.
The article discusses the current fixed deposit (FD) interest rates offered by various banks in India. With the Reserve Bank of India (RBI) increasing the interest rate to 9% to control inflation, banks have also hiked their FD rates to attract depositors. Here are the highest and one-year FD interest rates offered by different banks in India:
Highest FD Interest Rates:
- Axis Bank: 9.10% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- HDFC Bank: 9.05% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- ICICI Bank: 9.00% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- SBI: 8.90% (for a deposit of ₹1 lakh to ₹1 crore)
- Kotak Mahindra Bank: 9.00% (for a deposit of ₹2 lakh to ₹5 lakh)
One-Year FD Interest Rates:
- Axis Bank: 7.50%
- HDFC Bank: 7.40%
- ICICI Bank: 7.30%
- SBI: 7.20%
- Kotak Mahindra Bank: 7.20%
Other Top Banks’ FD Rates:
- Bank of Baroda: 8.60% (for a deposit of ₹1 lakh to ₹5 crore)
- Yes Bank: 8.40% (for a deposit of ₹1 lakh to ₹5 crore)
- IndusInd Bank: 8.30% (for a deposit of ₹1 lakh to ₹5 crore)
- Punjab National Bank: 8.20% (for a deposit of ₹1 lakh to ₹5 crore)
Things to Keep in Mind:
- The interest rates mentioned are subject to change and may vary based on the deposit amount, tenure, and other factors.
- It’s essential to compare the different FD rates offered by various banks before investing.
- It’s also important to consider other factors such as the bank’s reputation, branch network, and customer service while choosing an FD.
- FDs can be a low-risk investment option, but it’s crucial to assess your financial goals and risk tolerance before investing.
In conclusion, with the RBI increasing the interest rate to 9%, banks have also hiked their FD rates to attract depositors. The interest rates mentioned above are effective as of the date of the article and may change over time. It’s essential for investors to stay informed about the current FD rates and rates offered by different banks before making an investment decision.