IndusInd Bank news: One of India’s leading financial services brand, IndusInd Bank, is slated to announce a big digital play, soon. The bank is poised to launch its own digital bank service, “INDIE” on Wednesday, October 4. The digital bank could also mark IndusInd’s foray into the equity trading facilitation business.
For providing equity trading services to users, the INDIE digital bank has partnered with digital payments platform PayTm. ET NOW had earlier learnt of IndusInd Bank‘s ambition to enter the vast and ever-growing mutual funds and insurance business space.
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The digital bank will reportedly offer several other banking services, too, including instant credit and account opening assistance, sources told ET NOW.
IndusInd Bank aims to scale up the individual segment through the INDIE launch. The bank is already on the path of stellar growth in terms of its digital infrastructure and footprint. Its mobile transaction volumes have grown 82 per cent year on year.
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In the June quarter of the 2024 fiscal, IndusInd Bank registered a 33 per cent growth in net profit, which surged to Rs 2,124 crore in the three-month period ended on June 30.
In April this year, ET NOW had reported on IndusInd Bank’s ambition to go beyond its core banking business into the mutual funds, insurance, and broking arena.
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Sources had then told the channels that the businesses would be made operational once regulatory approvals are obtained. Insiders had also stated that the digital bank, Indie, was expected to be made operational in the next two months. The bank management believes that the digital banking system, as well as the foray into broader domains would help the bank expand its operations. It is, however, expected that the approvals for these applications may take two years to come through.
