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Informist, Tuesday, Mar. 18, 2025

 

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--IndusInd Holdings: IndusInd Bank to be first preference for bancassurance 
--IndusInd Holdings: Promoter infused capital in IndusInd Bk whenever needed 
--IndusInd Holdings: IndusInd Bk well capitalised; see no need to infuse fund 
--IndusInd Holdings: Will focus on growing in all segments of BFSI sector 
--IndusInd Holdings: Need to maintain trust, credibility in banking business 
--IndusInd Holdings: Aim to bring IndusInd Bk on par with other major pvt bks 
--IndusInd Holdings: Waiting for reports on who was behind IndusInd Bk issue 
--IndusInd Holdings: Should have reports on IndusInd Bank issue by next week 
--IndusInd Holdings: Hinduja family doesn't interfere in businesses directly 
--IndusInd Holdings: See good opportunity to increase stake in IndusInd Bank

 

MUMBAI – The reports on discrepencies in IndusInd Bank should be out by next week, Ashok P. Hinduja, the chairman of IndusInd International Holdings Ltd., said Tuesday. "Once the report comes, it will go to the board, they will review, they have their various committees, and then they will take a call on who is the person that is responsible for the last so many years--whether it was one person, two persons or whether it was an error, we don't know," Hinduja said. 

 

The bank earlier disclosed that it had found some discrepancies in its derivatives portfolio that could have an adverse impact of around 2.35% on the bank's networth as at the end of December, or about INR 15 billion.

 

Hinduja said that the promoters of the bank have infused capital whenever it was needed and will continue to do so in the future. However, there has been no request from the bank for capital after the incident and the bank remains well capitalised, he said. He also said that the Hinduja family refrains from interferring in any of its businesses directly. 

 

The group plans to bring IndusInd Bank on a par with other private sector majors like HDFC Bank, Axis Bank, ICICI Bank, and Kotak Bank, Hinduja said. However, the bank needs to maintain trust and credibility of its customers in order to do that, he said. 

 

Hinduja also said that they remain focused on growing the business in all segments of the banking, financial services, and insurance sector. The group has set a $50 billion BFSI sector target by 2030, outlining plans for insurance, mutual funds, and Reliance Capital subsidiaries. To grow the business in the insurance vertical, Hinduja said IndusInd Bank will be the first partner bank for the newly acquired insurance companies from Reliance capital.

 

Speaking on concern that the recent fall in share price would lead to the promoter pledging more shares for funds, Hinduja said that it is not required at the moment. However, Hinduja said that the current fall in share prices has provided a good opportunity for the promoter to increase stake in the bank. "This is an opportune time as a promoter to increase stake. If this is the time at this price, we would like to increase stake. All communication responses have been given to regulator. It is now left to the regulator when and how they will give us," he said. 

 

Shares of IndusInd Bank closed 0.6% higher at INR 681.45 on the National Stock Exchange on Tuesday.  End

 

Reported by Kabir Sharma and Vaishali Tyagi

Edited by Akul Nishant Akhoury

 

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