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IndusInd Bank to enter insurance, mutual funds for business

April 25, 2023

IndusInd Bank to enter insurance, mutual funds for business
The private sector lender IndusInd Bank is planning to move beyond its core banking services.

The bank is planning to enter in the mutual funds, insurance and broking sector. It is likely to apply for the licence in a few days, sources have told ET Now.

The Hindujas-promoted bank is likely to approach the Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI) and other regulators to obtain the necessary licences.

The Mumbai-headquartered bank is also planning to launch its own digital bank ‘Indie’.

The necessary approvals for all these expansion plans and other logistics by the bank is likely to be completed in about 2 years.

Private sector lender Indusind Bank on April 24 reported a 46 per cent jump in its March quarter net profit at ₹2,043 crore on a dip in provisions and stronger core income.

The bank’s core net interest income rose 17 per cent to ₹4,669 crore on a 21 per cent loan growth and a 0.08 per cent expansion in the net interest margin to 4.28 per cent.

Its other income came at ₹2,154 crore, up by 13 per cent when compared to the year-ago period.

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