Indusind bank

Indian markets ended in the green on Wednesday after an encouraging WPI inflation and positive global cues as traders also prepare for US Federal Reserve's interest rates decision later in the day. Broad-based buying was seen across indices. Midcap and small-cap indices extending their new all-time highs. Talking about latest performance, Vinod Nair, Head of Research at Geojit Financial Services said, "the domestic indices rebounded after an initial phase of profit booking, driven by encouraging WPI inflation data and positive global cues, while selling in IT and banking stocks kept a check on gains. The favourable decline in US inflation, driven by lower energy prices, and speculation about a potential pause in the Fed rate hike campaign, brought comfort to global equities." However, Nair also added, "the persistence of higher core inflation levels may compel the Fed to maintain its hawkish tone during today’s policy announcement with indication of a prolonged pause." Nevertheless, about 1,896 stocks advanced on Wednesday, on the other hand, 1,693 stocks declined and 120 stocks were unchanged. A total of 230 stocks touched a new 52-week high and 17 stocks hit a new 52-week low. Here is the list of top gainers and losers during Wednesday's trading session: Sensex: Top gainers: Top losers: Bajaj Finance (-0.98%), IndusInd Bank (-0.98%), Nifty 50: Top gainers: Tata Consumer (+5.17%), Grasim (+2.42%), JSW Steel (+2.35%), Tata Steel (+2.34%), and Power Grid (+1.53%). Top los...

Misgivings around risk management are not new for India’s banks. However, they are by far the most troublesome for lenders because they easily erode investor confidence. Be it public sector banks or even the most valuable lender HDFC Bank, slip-ups in lending processes have invited investor angst. IndusInd Bank now finds itself at the receiving end of such angst with its shares losing more than 10% on Monday. The issue has cropped up from its micro finance arm Bharat Financial Inclusion Ltd (BFIL), which it had acquired in March 2019 through an all-stock deal. A group of whistleblowers have alleged that BFIL may be evergreening loans and highlighted lapses in the processes of loan disbursal, according to a 5 November story in The Economic Times. The whistle-blowers warned the banking regulator and IndusInd Bank’s board about it, the report said. What’s more is that a pile of loans was disbursed in May without explicit borrower consent at the time of the disbursal. In episodes that have a negative impact on both the balance sheet and the reputation of a bank, the best way to alleviate investor concern is proactive disclosures. Unfortunately, disclosures have been a sore point between investors and lenders time and again. In IndusInd Bank’s case, too, timely disclosure seems to be a point of concern. IndusInd Bank explained its position through a statement and an investor call over the weekend. Even so, there seems to be little comfort considering the share price drop on Mon...

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It also said that the Standard Operating Procedure has since been revised to make biometric authorization compulsory, and that in October 2021, nearly 100 per cent of the loan disbursements were in the bank accounts of the customers, as in pre-COVID time. During the pandemic, customers faced operational difficulties and some have turned to intermittent payers, though a large part of them demonstrated a strong intent to repay on many occasions, the bank statement said. The bank added that help was rendered to such clients, including through additional liquidity support to the extent of 20 per cent of the outstanding as on February 29, 2020 as applicable under the ECLGS (Emergency credit line guarantee Scheme), restructuring, and additional loan with a longer tenor and lower EWI (equated weekly instalments) for customers, after they cleared of their arrears and with their due consent. It can be noted that nearly all the lenders have reported reverses on the microloans front since the beginning of the pandemic. The activity is concentrated in rural areas, where field agents of a lender go deep to disburse loans and also collect dues in cash on a weekly basis. With the easing of the lockdown measures, all lenders are reporting an improvement in collections and also disbursements. Indusind Bank management had reported an increase in stress in the microfinance loans portfolio, with the gross non-performing assets ratio moving up to 3.01 per cent as of September, up from 1.69 per...

Number of employees 33,582 (2022) 15.31% Website .indusind .com IndusInd Bank Limited is an Indian The bank started its operations with ₹100 History [ ] The bank began its operations on 17 April 1994 under the chairmanship of Board of directors [ ] Sumant Kathpalia was appointed as Managing Director and CEO with effect from March 2020 for a period of three years. Arun Tiwari is the current chairman of the board. The other members on the board are Rajiv Agarwal, Kanchan Chitale, Shanker Annaswamy, T. T. Ram Mohan, Akila Krishnakumar, Arun Tiwari, and Siraj Chaudhry. Banking services [ ] • Branch banking • Consumer finance • Corporate banking and finance • Commercial and transaction banking • Cash Management Services (CMS) • • Depository operations • Treasury operations • Wealth management See also [ ] • • • • • • • • Notes [ ] References [ ]

Shares of IndusInd Bank plunged by 10.71 per cent to Rs 1061.45 on Monday (November 8) on the BSE after the bank reported that nearly 84,000 loans were disbursed by its microfinance arm “without the customer consent” due to a “technical glitch” in May 2021. On Tuesday, the bank’s shares were quoting at Rs 1,070.70 with a small gain of 0.87 per cent on the BSE. What led to the sell-off? Whistle-blowers in the bank alerted the RBI and the bank about evergreening of loans at the bank’s microfinance arm Bharat Financial Inclusion Ltd (BFIL). Evergreening is a popular practice in which banks grant new loans to an account to revive those loans on the verge of default. IndusInd Bank on Saturday reported that nearly 84,000 loans were disbursed by its microfinance arm without the customer consent due to a technical glitch in May 2021. This issue was highlighted by the field staff within two days and the technical glitch was rectified expeditiously, the bank says. However, out of 84,000 loans, only 26,073 clients were active with the loan outstanding at Rs 34 crore, which is 0.12 per cent of the September-end portfolio, the bank said. Click here for more What’s the bank’s explanation? The bank says all the loan products managed by BFIL (formerly SKS Microfinance) in the capacity of a Business Correspondent, are approved by IndusInd Bank and are fully compliant with extant regulatory guidelines, issued from time to time. The processes followed by BFIL pass through audit, inspection, ...