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Indian Bank gets board's approval to raise ₹5,000 crore: MD Kumar
"We have to raise ₹5,000 crore. But, I do not think it (fund raise) will be required (immediately)," he told PTI in an interaction.
The bank's top official also told PTI that the capital adequacy ratio for the first quarter (Q1) of financial year (FY) 2025-26 was 17.80 per cent. The bank had reported a 16.47 per cent capital adequacy ratio in Q1 of the previous financial year.
He also stated that the funds would not be raised through Qualified Institutional Placement (QIP), which is a process through which listed companies raise capital by issuing shares or securities to qualified institutional buyers (QIBs).
The bank is also developing a standalone UPI application named 'IND-UPI'. The app will have features similar to those provided by major UPI mobile applications.
"Right now, our customers are using other UPI apps, and we (Indian Bank) have to pay them a fee. Monthly, it will be around ₹12 crore. With the IND-UPI payment facility, customers will be able to make payments using our own application," he said.
The bank aims to save around ₹150 crore annually through the IND-UPI application project.
The app is in the development phase and is being used by a 'Closed User Group' and plans to roll it out to customers after receiving NPCI's approval.
Hiring
The CEO also stated that the company has approved the hiring of around 3,000 employees during FY26 across domains like cyber security, risk specialists, and multiple specialised roles.
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