Indian Bank Gets Nod for ₹5,000 Cr Fundraise, to Launch Its Own UPI App 'IND-UPI'

🏦

has secured board approval to raise ₹5,000 crore in FY26, though CEO Binod Kumar says immediate capital needs are low, with CAR improving to 17.80% in Q1 from 16.47% YoY. The bank is developing its own UPI app, ‘IND-UPI’, aiming to save ₹150 crore annually by cutting monthly third-party UPI fees. It also plans to hire 3,000 personnel across roles, including cyber security and risk. Net profit rose 24% YoY to ₹2,973 crore, while total income grew to ₹18,721 crore. Recoveries stood at ₹2,059 crore with a full-year target of ₹5,500–₹6,500 crore.