IndusInd Bank to launch digital bank named ‘Indie’

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The Mumbai-headquartered IndusInd bank is planning to launch its own digital bank ‘Indie‘ by this quarter. The necessary approvals for all these expansion plans and other logistics by the bank is likely to be completed in about 2 years.

IndusInd Bank Q4 Results

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

2) The bank’s core net interest income rose 17 per cent to Rs 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.

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

Digital Transactions

Government of India is committed to expand digital transactions in the Indian economy, and thereby enhance the quality and strength of the financial sector, as well as ease of living for citizens.  Digital payment transactions have significantly increased as a result of coordinated efforts of the Government as a whole, along with all stake holders concerned, from 2,071 crore transactions in FY 2017-18 to 8,840 crore transactions in FY 2021-22 (Source: RBI, NPCI and banks).

Number of digital payment transactions till till 31st December2022

Financial Year(FY)Total number of digital transactions(in crore) #
2017-182,071
2018-193,134
2019-204,572
2020-215,554
2021-228,840
      2022-23                           9,192*

Total value of digital payments till 31st December2022

Financial Year(FY)Total value of digital transactions(in lakh crore) #
2017-181,962
2018-192,482
2019-202,953
2020-213,000
2021-223,021
2022-232,050*
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