Under this initiative, IndusInd Bank will provide credit facilities to companies that comprises the supply chain of the Japanese original equipment manufacturers (OEMs) in India.

Currently, the program will cover the component suppliers and dealers of the selected Japanese OEMs, as well as the final buyers of the construction machinery manufactured by those companies

Kazushige Gobe, director general, JBIC, stated that, “The Government of India announced PM Gati Shakti, the national infrastructure development plan for improving the country's infrastructure connectivity. In materializing this plan, Japanese construction equipment manufacturers play an important role through the supply of construction equipment. We are convinced that the expanded local presence of Japanese high-quality construction equipment contributes to the accelerated improvement of infrastructure in India.”

Sumant Kathpalia, managing director & chief executive officer (CEO), IndusInd Bank, said, “IndusInd Bank's commercial vehicles finance division is one of the largest financiers of Japanese OEMs in India and the bank plans to build on the synergies by increasing our business share from the component suppliers and dealers who form the upstream & downstream supply-chain of the OEMs.

The tie-up with JBIC marks an important milestone in the bank's activities in GIFT City and underlines the growing prominence of the Center GIFT City as an International Financial Hub of choice.”

IndusInd Bank caters to both consumer and corporate customers. As of 31 December 2022, the bank's distribution network included 2,384 branches/ banking outlets and 2,894 onsite and offsite ATMs. The client base stood at 33 million as on 31 December 2022.

The bank's standalone net profit surged 68.71% to Rs 1,959.20 crore on 19.96% rise in total income to Rs 11,533.74 crore in Q3 FY23 over Q3 FY22.

The scrip declined 1.46% to Rs 1130.05 on the BSE.