Latest news with #SoumitraSen
Economic Times
11-08-2025
- Business
- Economic Times
IndusInd Bank to provide 360-degree financial support to startups under its new programme
Synopsis IndusInd Bank launched 'Indus StartUp Banking' on August 11, 2025, a comprehensive program to support early-stage startups in India. The initiative offers banking facilities, credit, and beyond-banking services, including current accounts, API access, and premium lounge access. Startups under 10 years old can apply, benefiting from customized solutions and strategic partnerships. Reuters IndusInd Bank on Monday announced the launch of 'Indus StartUp Banking', to provide a full-stack of banking facilities, credit, and beyond-banking services to support new-age ventures from inception to scale. The programme by the private lender will provide a host of services including Startup Current Accounts with a 3-year waiver on non-maintenance charges, access to 250+ APIs via a developer portal, payments and collections solutions, corporate salary accounts for employees, and beyond-banking services for tax filing and legal advisory services, HRMS and ESOP management, said the press statement. Startups will have access to premium PIONEER lounges in Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune, Chandigarh, Jaipur, and Kolkata, providing a space to host meetings with clients and investors. The program also includes exclusive PIONEER personal banking benefits and expert-led sessions for apply for the programme, startups under 10 years of vintage (in existence) can apply via the lender's website page or by emailing at 'Our offering is designed to simplify day-to-day operations, reduce financial friction, and provide startup founders a platform to scale confidently. As India's startup ecosystem continues to drive innovation and economic transformation, IndusInd Bank is proud to play a key role in nurturing their journey," said Soumitra Sen, Head of Consumer Banking & Marketing, IndusInd startup ecosystem is poised for rapid expansion, with the number of startups projected to double from 1.2 lakh in 2023 to 2.4 lakh by 2030, as per a report by executive search firm Longhouse. This growth is expected to drive a surge in high-value enterprises, with the number of unicorns, or startups valued at over $1 billion, likely to increase from 120 currently to 280 by the end of the decade. The report estimates that the startup ecosystem could generate as many as 50 million jobs by 2030. Of these, four to five million will be direct white-collar roles, another nine to 10 million will come from the gig economy, and an estimated 35 to 40 million will be indirect jobs across industries.
Business Upturn
11-08-2025
- Business
- Business Upturn
IndusInd Bank launches ‘Indus StartUp Banking' to support early-stage ventures
By Aditya Bhagchandani Published on August 11, 2025, 14:10 IST IndusInd Bank has introduced a dedicated programme called 'Indus StartUp Banking' aimed at providing comprehensive financial and operational support to early-stage startups in India. The initiative, announced on August 11, 2025, offers a 360-degree suite of banking, credit, and beyond-banking services to help founders focus on business growth. The programme includes startup current accounts with a three-year waiver on non-maintenance charges, access to 250+ APIs via a developer portal, free payment gateway and PoS installation, corporate salary accounts for employees, as well as value-added services like tax filing, legal advisory, HRMS, and ESOP management. Founders will also get exclusive access to PIONEER lounges in major cities for meetings with clients and investors. Soumitra Sen, Head – Consumer Banking & Marketing at IndusInd Bank, said the bank aims to act as a long-term partner in growth for entrepreneurs, simplifying operations and reducing financial friction. Startups under 10 years old can apply through the bank's website or via email. The bank has also partnered with AIC STPINEXT, DPIIT – Startup India, and IIM Lucknow EIC to strengthen its startup ecosystem engagement. As of June 30, 2025, IndusInd Bank serves around 42 million customers through 3,110 outlets and 3,052 ATMs, with a presence across 1.64 lakh villages in India. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Economic Times
06-06-2025
- Business
- Economic Times
IndusInd Bank shares rise 5% as RBI officials hope things will settle soon
Shares of IndusInd Bank rose 5% on Friday after RBI officials expressed confidence that things should soon settle down at the lender, which has grappled with accounting lapses. ADVERTISEMENT Governor Sanjay Malhotra added that the central bank will not fail in its duty in case further steps have to be taken. The crisis began with a forensic audit by Grant Thornton, which flagged discrepancies in how the bank accounted for certain internal currency derivative transactions conducted over the past six years. The trades, intended to hedge exposures, were not properly marked to market, leading to inflated earnings and misstated positions on the balance sheet. The shares of IndusInd Bank crashed nearly 50% at one point after the lapses came into public domain, but since then recovered some of the losses. The stock is down 14% year-to-date (YTD).While the Reserve Bank of India (RBI) has approved an interim executive team of Soumitra Sen and Anil Rao to manage operations, uncertainty looms over permanent May 21, IndusInd Bank disclosed multiple accounting lapses, including inflated fees and interest income and misclassified asset and liability entries, leading the board to suspect internal fraud. ADVERTISEMENT The bank has corrected its financials and informed regulatory authorities. A forensic probe is underway, and accountability measures have been markets regulator Sebi has also passed an ex-parte interim order against five senior executives, including the former CEO of IndusInd Bank in an insider trading case. ADVERTISEMENT The market regulator found that these individuals sold shares of the bank while in possession of unpublished price-sensitive information (UPSI), avoiding losses worth nearly Rs 20 crore. (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
06-06-2025
- Business
- Time of India
IndusInd Bank shares rise 5% as RBI officials hope things will settle soon
Shares of IndusInd Bank rose 5% on Friday after RBI officials expressed confidence that things should soon settle down at the lender, which has grappled with accounting lapses. Governor Sanjay Malhotra added that the central bank will not fail in its duty in case further steps have to be taken. The crisis began with a forensic audit by Grant Thornton, which flagged discrepancies in how the bank accounted for certain internal currency derivative transactions conducted over the past six years. The trades, intended to hedge exposures, were not properly marked to market, leading to inflated earnings and misstated positions on the balance sheet. The shares of IndusInd Bank crashed nearly 50% at one point after the lapses came into public domain, but since then recovered some of the losses. The stock is down 14% year-to-date (YTD). While the Reserve Bank of India (RBI) has approved an interim executive team of Soumitra Sen and Anil Rao to manage operations, uncertainty looms over permanent leadership. On May 21, IndusInd Bank disclosed multiple accounting lapses, including inflated fees and interest income and misclassified asset and liability entries, leading the board to suspect internal fraud. The bank has corrected its financials and informed regulatory authorities. A forensic probe is underway, and accountability measures have been initiated. Capital markets regulator Sebi has also passed an ex-parte interim order against five senior executives, including the former CEO of IndusInd Bank in an insider trading case. The market regulator found that these individuals sold shares of the bank while in possession of unpublished price-sensitive information (UPSI), avoiding losses worth nearly Rs 20 crore.
Time of India
02-05-2025
- Business
- Time of India
There is a crisis of confidence at IndusInd Bank. Should investors hit the panic button?
IndusInd Bank , once among the most promising private sector lenders in India, has been forced into a leadership and governance crisis after the abrupt resignation of its Managing Director and CEO Sumant Kathpalia . The exit — described as a move to take "moral responsibility" — follows the unearthing of a Rs 1,959 crore loss due to accounting irregularities in the bank's internal derivative trades. While the crisis at IndusInd Bank is confined to the derivatives portfolio and not as bad as some of the earlier fallouts like in the case of YES Bank , there are concerns about the corporate governance standards. Owing to this, the Bank's stock lost a quarter of its value post the disclosures. The crisis began with a forensic audit by Grant Thornton, which flagged discrepancies in how the bank accounted for certain internal currency derivative transactions conducted over the past six years. The trades, intended to hedge exposures, were not properly marked to market, leading to inflated earnings and misstated positions on the balance sheet. While the Reserve Bank of India ( RBI ) has approved an interim executive team of Soumitra Sen and Anil Rao to manage operations, uncertainty looms over permanent leadership. Adding to investor worries are concerns that the bank's microfinance portfolio could also carry undisclosed risks. The internal audit team is reviewing the segment, and global consultancies EY and PwC have been roped in for further forensic audits. Kotak Securities, in a note, drew parallels with past episodes of leadership exits and governance lapses in Indian banks, notably Yes Bank. 'A change in leadership appears to be the best possible outcome as it allows for tougher decisions. But identifying accounting irregularities from the outside remains challenging,' the brokerage said. Kotak added that the RBI may step in with greater oversight, possibly through appointed directors, to navigate the transition. 'There are no senior IndusInd executives on the board currently. The regulator may insist on better supervisory control.' From a balance sheet perspective, the bank still holds up well on paper. Tier 1 capital adequacy remains above regulatory requirements, and liquidity is not seen as an immediate concern. But the hit to credibility could weigh on the stock's ability to re-rate. What should investors do? Atish Matlawala, Senior Analyst at SSJ Finance & Securities, said that despite attractive valuations, investors should steer clear of the stock for now. "The derivatives loss and possible microfinance stress have created too many moving parts. It's a stock to avoid until clarity emerges." Kotak maintained a 'REDUCE' rating on the stock, citing that valuation recovery will be news-flow driven in the short term and could be hampered by potential attrition, slower decision-making, and delayed succession planning. Technical View According to Vishnu Kant Upadhyay, AVP - Research & Advisory at Master Capital Services, the stock faces crucial technical supports and resistances. 'If the stock breaks below Rs 770, we may see further downside to Rs 712 or even Rs 640. On the upside, Rs 920–940 remains a tough resistance zone,' he said. Upadhyay further said the worst may be priced in, but warns that sentiment will remain fragile until succession plans and audit findings are fully disclosed. Way forward for the bank IndusInd Bank's near-term outlook hinges on two key factors -- who takes over as the next CEO, and how transparent the institution is with findings from the ongoing audits. The RBI is also expected to play a critical role in overseeing this transition and ensuring no systemic risks emerge. Analysts also pointed to IndusInd's corporate culture and the need for governance reforms. The derivatives issue — a highly technical matter — highlights gaps in internal checks that persisted for years without detection. While investors are not yet panicking, the trust deficit is real. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
