In a significant development for the Indian banking sector, Mumbai's Economic Offences Wing (EOW) has issued summons to three top executives of IndusInd Bank in connection with alleged accounting irregularities involving approximately ₹1,960.00 crore.

Key Executives Summoned

The EOW has called upon three senior officials of IndusInd Bank to appear for questioning between September 22-24:

• Sumant Kathpalia, Managing Director & CEO
• Arun Khurana, Executive Director & Deputy CEO
• Govind Jain, Chief Financial Officer

Investigation Details

The investigation stems from a complaint lodged by the bank's own management regarding accounting irregularities. The issue at hand involves losses of about ₹1,960.00 crore, reportedly arising from misaccounted derivative trades.

Current Status of the Probe

• The EOW is currently in the process of gathering evidence to determine if a cognizable offence has occurred.
• As of now, no First Information Report (FIR) has been filed in the case.
• Police have already questioned some bank staff as part of the ongoing investigation.

Implications

This development could have significant implications for IndusInd Bank, one of India's leading private sector banks. The involvement of top executives in the investigation and the substantial amount in question may raise concerns among investors and regulatory bodies.

The outcome of this investigation could potentially impact the bank's reputation and financial standing. However, it's important to note that the investigation is still in its early stages, and no formal charges have been filed yet.

As the situation unfolds, stakeholders will be closely watching for further developments and any official statements from IndusInd Bank or the investigating authorities.

Indusind Bank , in partnership with CRED, has unveiled a groundbreaking credit card program, introducing the CRED IndusInd Bank RuPay Credit Card. This new offering is set to revolutionize the credit card landscape for digital-savvy consumers, providing an unparalleled rewards experience across all e-commerce platforms.

Rewards and Benefits

The CRED IndusInd Bank RuPay Credit Card offers an impressive 5% rewards on all e-commerce transactions, setting it apart from traditional credit cards that often limit rewards to specific merchants. Additionally, cardholders will earn 1% rewards on offline purchases, including UPI transactions through CRED Scan and Pay.

One of the card's standout features is its flexible redemption options. Cardholders can redeem their points across:

• 500+ CRED pay merchants
• 2,000+ products on the CRED store
• Flights powered by Ixigo
• 800,000+ hotels powered by Expedia

Each point earned is equivalent to one rupee, making the redemption process straightforward and valuable for users.

Seamless Application Process

The card boasts a user-friendly onboarding experience with zero joining fees and a quick 2-minute application process. This efficiency aligns with CRED's commitment to providing a frictionless financial experience for its members.

Target Audience and Accessibility

CRED, known for its exclusive membership, serves over 1.5 crore affluent Indians. The platform restricts access to individuals with high credit scores, ensuring a curated community of creditworthy consumers. This new credit card program is designed to cater to the sophisticated needs of digital natives who frequently engage in online shopping and seek optimized rewards for their spending habits.

Partnership Synergy

IndusInd Bank brings its banking expertise and extensive network to this partnership. The bank serves approximately 42 million customers through 3,110 branches and 3,052 ATMs across India. This collaboration leverages IndusInd Bank's financial prowess and CRED's innovative approach to create a premium credit card experience.

Executive Insights

Kunal Shah, founder of CRED, emphasized the card's unique positioning: "The new CRED credit card program turns every online spend into an act of self-expression, with rewards that follow taste, not terms. Instant redemption upgrades every transaction, merging product, platform, and privilege into a seamless lifestyle extension."

Soumitra Sen, Country Head – Consumer Banking & Marketing at IndusInd Bank, highlighted the synergy between the two brands: "The IndusInd–CRED partnership is a natural fit – both brands share a DNA of innovation, exclusivity, and premium experiences. Together, this co-brand will capture the fast-growing e-commerce and affluent spend segment, positioning the card as the default choice at checkout."

RuPay's Role

Sohini Rajola, Executive Director – Growth at NPCI, underscored RuPay's commitment to innovation: "RuPay is committed to building payment experiences that reflect the aspirations of India's digital-first consumers. The launch of the CRED IndusInd Credit Card marks another step in that journey bringing flexibility, instant rewards, and seamless redemption into everyday use."

This new credit card offering from CRED and IndusInd Bank represents a significant step forward in the Indian fintech and banking sectors, catering to the evolving needs of affluent, digitally-savvy consumers while promoting financial discipline through a rewards-based system.