Date: September 11, 2026
Regulatory Action Details
Authority: Insurance Regulatory and Development Authority of India (IRDAI)
Order Date: September 10, 2026
Date of Receipt: September 11, 2026 (copy available on IRDAI website)
Nature of Action: Monetary penalty of ₹1 crore (Indian Rupees One Crore only)
Regulatory Basis: Non-compliance with certain provisions of the IRDAI (Registration of Corporate Agents) Regulations, 2015
Business Context: Penalty relates to the Bank's bancassurance operations where it acts as a Corporate Agent for distribution of third-party insurance products
Specific Violations:
- Issues with renewal notices issued to policyholders
- Lack of certain grievance redressal facility via Bank website for policyholders
- Not displaying IRDAI Registration Number on Bank website
- Inadequate disclosure on Bank website clarifying that IndusInd Bank acts as a Corporate Agent for distribution of insurance products of other companies (insurers)
- Inadequate disclosure that the Bank does not underwrite the insurance risk as an insurer
Timeline of Proceedings:
- IRDAI conducted onsite inspection of bancassurance operations from June 19 to June 22, 2023
- Inspection Report issued on July 21, 2023
- Show Cause Notice issued on March 26, 2025
- Personal hearing conducted and written submissions considered
- Final order passed on September 10, 2026
Financial Impact: Quantified monetary impact of ₹1 crore (Indian Rupees One Crore only)
Operational Impact: No specific operational disruption mentioned in the disclosure
Additional Information
Disclosure Compliance: This intimation is made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Website Upload: The announcement is being uploaded on the Bank's website at www.indusind.bank.in
Not Specified Sections: KMP/Board/Auditor Changes, Dividend Declaration, Board Meeting Outcomes, Financial Results, Auditor's Report, Disinvestment/Strategic Actions, Media Release/Investor Communication