Indian Bank Sets Ambitious New Financial Course with IND-UPI and Hiring Plans
Indian Bank has received board approval to raise Rs 5,000 crore this fiscal year. The bank is also developing its UPI app 'IND-UPI', aiming to save Rs 150 crore annually. Indian Bank plans to hire 3,000 new employees, focusing on specialized roles to bolster its digital transformation strategy.
- Country:
- India
Indian Bank, headquartered in Chennai, has received the go-ahead from its board to raise Rs 5,000 crore within the financial year. Current capital adequacy stands at an impressive 17.80 percent for the April-June 2025 quarter, according to Managing Director and CEO, Binod Kumar.
The bank's financial strategy isn't limited to capital augmentation. Indian Bank is set to revolutionize its UPI interactions through a proprietary app, 'IND-UPI'. This move is expected to cut annual costs by Rs 150 crore, saving Rs 12 crore monthly on existing UPI transaction fees.
In addition to these initiatives, the bank aims to expand its workforce by recruiting 3,000 employees this year, focusing on cyber security and risk management. This hiring spree coincides with a 24 percent hike in net profit, amounting to Rs 2,973 crore, during the first quarter of FY 2025.
(With inputs from agencies.)
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