Top 10 Mobile Banking Applications in India

Over the past few decades, technology has advanced significantly. From computers to laptops and iPads, software to applications, and mobile phones to Android devices, the digital age is pervasive. These days, many people use mobile banking apps. When conducting online transactions, a mobile banking app provides convenience, speed, and flexibility.

Nowadays, a large number of Indians are uncomfortable using traditional banking. They have therefore embraced mobile banking. Because of this, practically all private sector and PSU banks offer mobile banking apps for online transactions. This lessens the need for a laptop or desktop computer, and most importantly, it eliminates the need for you to physically visit the bank in order to complete any banking task.

 

1. Kotak-811 & Mobile Banking App

Kotak-811 - A app from Kotak Mahindra Bank offers a zero-balance savings account with an internationally enabled virtual debit card. It features a slick digital banking app UI. It is the first app in India to offer WhatsApp banking. You may now bank on a familiar platform using this app.

Features

* View account details and transaction details, and download e-statements.

* Send and receive money for instant transfers using IMPS, NEFT, and UPI.

* Manage your zero-balance savings account with an internationally enabled virtual debit card for online payments.

* Connect your bank account with WhatsApp and initiate banking transactions through a chat interface.

Pros

User-friendly interface with innovative features, ero-balance savings account with virtual debit card,WhatsApp banking for convenient banking on a familiar platform

Cons

Limited investment options compared to dedicated investment apps, Occasional app crashes reported by some users, Might be overwhelming for users who only need basic functionalities

2. HDFC Bank Mobile Banking App

The HDFC Bank app from one of India’s largest banks, allows you to manage your finances conveniently. You can check account summaries, make payments, transfer funds, and pay utility bills all within the HDFC net banking app.

Features

* Send and receive money using IMPS, NEFT, and UPI through the HDFC bank mobile banking app.

* Schedule and pay various bills, including utilities and credit cards.

* Personalize your app dashboard to display the features you use most frequently.

* Access a streamlined version of the HDFC app download for users with slower internet connections.

Pros

User-friendly interface with customizable features, Reliable and secure platform from a major bank, Lite version available for users with slower internet

Cons

Limited investment options compared to dedicated investment apps, Some users report occasional app crashes, May not offer the most advanced features compared to some other apps

3. YONO SBI 

YONO SBI- App of State Bank of India, Previously known as SBI Anywhere Personal, YONO SBI offers a user-friendly and secure platform for SBI account holders. It supports multiple languages and allows click-based and voice-assisted transactions for a convenient banking experience.

Features

* Use YONO app to send and receive money using IMPS, NEFT, and UPI.

* Schedule and pay various bills, including utilities and credit cards.

* Access the SBI mobile banking app in multiple regional languages for broader accessibility.

* Perform banking transactions using voice commands for added convenience.

Pros

Voice-assisted transactions, All-in-one Platform (investments, shopping, travel booking), Cardless Cash Withdrawal

Cons

Might be overwhelming for users who only need basic functionalities., Customer service responsiveness might vary.,Limited investment options compared to dedicated investment apps.

4. Axis Mobile App

Renowned for its stability, Axis Mobile offers a comprehensive suite of banking services.

Features

* Use the Axis Bank app to schedule automatic payments for various bills, including utilities and credit cards.

* Track your mutual fund investments within the Axis mobile app.

* Set spending limits, turn contactless payments on/off, and temporarily block your card if misplaced.

Pros

Stable and reliable performance, Wide range of features for managing finances, Auto-pay functionality for bills, Debit card control options

Cons

Occasional app crashes reported by some users, Limited investment options compared to dedicated investment apps

5. IDBI Bank GO Mobile+ App

Designed for a smooth banking experience, IDBI GO Mobile+ offers a user-friendly interface and various services. You can check account statements, make payments, recharge prepaid mobiles, and pay utility bills.

Features

* Choose seasonal themes or customize your login screen on the IDBI bank app.

* Secure your login with a selfie picture.

* Use IDBI app to view holdings and transactions directly within the app.

Pros

Simple and easy-to-use interface,Supports regional languages,Covers essential banking needs,Mobile recharge functionality

Cons

Limited investment and advanced features,Customer service responsiveness might vary

6. BOB World

Developed by the Bank of Baroda, BOB World is an app known for its user-friendliness.

Features

* Withdraw cash at BOB ATMs using a one-time MPIN generated within the Bank of Baroda app.

* Generate QR codes on BOB mobile banking app for easy bill payments at merchant locations.

* Store and manage digital receipts for your transactions within the app.

Pros

Convenient bill payments & organized receipts, Simplified cash deposits, Security features (2FA, biometrics, data encryption)

Cons

Relies on QR reader compatibility & increases app storage use, Limited branch availability for cash deposit requests, Responsiveness of customer service

7. ICICI Bank iMobile Pay App

A highly rated app by ICICI Bank, iMobile Pay offers a comprehensive suite of banking services.

Features

* Open fixed deposits (FDs), invest in recurring deposits (RDs) and manage existing investments.

* Access and manage your ICICI Bank life insurance policies on the ICICI Bank mobile app.

* Get quick access to personal loans against your credit card on the imobile app.

Pros

The ICICI bank app features a streamlined layout for effortless navigation, Customize your dashboard for quick access to frequently used features, Clear menus and categorized services

Cons

The app may experience occasional technical glitches or crashes, Some users report slower processing times for transactions, The app might require frequent updates to ensure smooth performance

8. Canara Bank ai1 Mobile Banking App

Designed with the goal of “One Bank, One App,” Canara Bank’s ai1 app offers a variety of banking services.

Features

* Use Canara bank app to pay instantly at stores with a tap using your phone (RTGS/NEFT enabled).

* Start fixed or recurring deposits or invest in mutual funds all within the Canara bank mobile app.

* Set up recurring payments for your bills and savings goals.

Pros

Book flights, hotels, buses, and cabs directly through the app, Check your credit score and pay bills seamlessly through Bharat Bill Payment,Access insurance, Demat services, and IPO applications

Cons

Occasional problems might occur with UPI transactions, Features might be limited for users who don’t have a Canara Bank account, The app might experience occasional slowdowns or technical glitches.

9. Bank of India BOI Mobile App

BOI Mobile boasts a secure and comprehensive banking experience for Bank of India account holders.

Features

* View balances and statements and manage all accounts on the Bank of India app.

* Transfer funds quickly with IMPS, NEFT, and RTGS, and utilize the “Favourite” feature on the Boi mobile app.

* Locate ATMs, manage cheques, and access various banking services.

Pros

Efficient navigation for transfers and management, User-friendly interface with easy account access, Streamlined process for adding “Favourites.”

Cons

Interface might be challenging for new users to navigate, Lacks advanced features compared to some competitors, Occasional transaction delays and app crashes reported.

10. Punjab National Bank PNB ONE App

PNB ONE is the official mobile banking app from Punjab National Bank.

Features

* Gain quick access to all your accounts through an interactive interface by downloading the PNB One app.

* Invest in term deposits and mutual funds, all within the PNB One app.

* Track cheque status, request stop payments, and manage cheques conveniently.

Pros

Access value-added services like PAN/Aadhaar registration, Manage existing credit/debit cards, Enjoy the app in English, Hindi, and other languages.

Cons

 Features might be limited for non-PNB customers, May be complex for new users to navigate, App crashes and slow processing times reported.

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Kotak Mahindra Bank Q3 Net profit rises 10% YoY

Kotak Mahindra Bank on January 18 reported a 10 percent rise in its net profit at Rs 4,701.02 crore in the third quarter of FY25, compared to Rs 4,264.78 crore in the year-ago period, the lender said in an exchange filing. However, the net profit declined close to 7 percent sequentially from Rs 5,044.05 crore in the September quarter.

The interest earned by the bank in the reported quarter rose 14.75 percent to Rs 16,633.14 compared to Rs 14,494.96 crore in the same period of the previous financial year, the filing showed. In the second quarter, the interest earned stood at Rs.16,426.97 crore, according to the stock filing.

Also Read - Quarterly Results of all banks for Q3FY25

Gross non-performing asset (NPA) ratio was 1.51 percent as on December 31, 2024, as compared to 1.48 percent as on September 30, 2024, and 1.68 percent on December 31, 2023. Net NPA ratio was 0.44 percent as on December 31, 2024, as compared to 0.45 percent as on September 30, 2024, and 0.36 percent on December 31, 2023.

In absolute terms, gross NPA of the bank stood at Rs 7,218.17 crore as on December 31, 2024, as compared to Rs 6,834.74 crore as on September 30, 2024, and Rs 6,981.15 crore as on December 31, 2023. Net NPA of the bank stood at Rs 2,070.42 crore as on December 31, 2024, as compared to Rs 2,066.51 crore as on September 30, 2024, and Rs 1,487.03 crore as on December 31, 2023. As at December 31, 2024, Provision Coverage Ratio stood at 73 percent.

Net Interest Income (NII) for Q3FY25 increased to Rs 7,196 crore, from Rs 6,554 crore in Q3FY24, up 10 percent on-year and for 9MFY25 increased to Rs 21,058 crore, from Rs 19,084 crore in 9MFY24, up 10 percent on-year. Net Interest Margin (NIM) was 4.93 percent for Q3FY25.

Average Total Deposits grew to Rs 4.59 lakh crore for Q3FY25 compared to Rs 3.99 lakh crore for Q3FY24 up 15 percent on-year.

Average Current Deposits grew to Rs 66,589 crore for Q3FY25 compared to Rs 59,337 crore for Q3FY24 up 12 percent on-year. Average Savings Deposits grew to Rs 1.24 lakh crore for Q3FY25 compared to Rs 1.23 lakh crore for Q3FY24 up 1 percent on-year.

Average Term Deposits grew to Rs 2.68 lakh crore for Q3FY25 compared to Rs 2.16 lakh crore for Q3FY24 up 24 percent on-year. CASA ratio as at December 31, 2024 stood at 42.3 percent. Credit to Deposit ratio as at December 31, 2024 stood at 87.4 percent.

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RBI Curbs On Kotak Mahindra Bank: Check which services will affect

 

RBI on April 24 barred Kotak Mahindra Bank (KMB) from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards, citing supervisory concerns over its technology platforms. The actions followed an RBI examination of the bank's IT systems over the last two years and the bank’s “continued failure” to address concerns, the central bank said.

The ban will not impact existing customers and Koak can continue to provide services to them, including its credit card customers, the RBI said.

The action will likely impact new customer acquisition of Kotak Mahindra Bank as a significant portion of new account openings happen through online and mobile banking channels. Also, the RBI action is bad news for KMB's credit card business as well. As per experts, the central bank's ban on issuing new credit cards could impact the bank’s co-branded credit card deals.

"These actions are necessitated based on significant concerns arising out of Reserve Bank’s IT Examination of the bank for the years 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner," RBI said.

According to the central bank, serious deficiencies and non-compliance were observed in the areas of IT inventory management, patch and change management, user access management, vendor risk management, data security and data leak prevention strategy, business continuity and disaster recovery rigour and drill, and so on.

Explaining the action, the RBI said for two consecutive years, the bank was assessed to be deficient in its IT Risk and Information Security Governance, contrary to requirements under regulatory guidelines.

What triggered the RBI action?

During subsequent assessments, Kotak Mahindra was found to be significantly non-compliant with the corrective action plans issued by the Reserve Bank for the years 2022 and 2023, as the compliances submitted by the bank were found to be either inadequate, incorrect or not sustained, the central bank said.

Back in 2020, the RBI had  announced a similar action against HDFC Bank when it asked the country's largest private sector lender to put all new digital launches on hold till the bank resolve  tech issues. HDFC Bank was barred from launching any new digital products or services and issuing new credit cards as a penalty for repeated instances of outages in its online platforms.

Later, in August 2021, the RBI partially revoked the ban on the bank allowing it to issue new credit cards. Later in March, 2022, the bank informed the exchanges that the RBI has lifted the restrictions that were placed on the fresh digital launches of HDFC Bank.

The RBI had cited similar technology-related concerns as in the case Kotak Mahindra Bank while taking action against HDFC Bank after repeated outages at the lender's data centre. The restrictions barred HDFC Bank from launching any of the activities planned under the Digital 2.0 programme as well as the sourcing of new credit cards.

The RBI had also asked the bank to fix accountability in the matter pertaining to the data centre outages, and examine reasons behind the lapses. Subsequently, an audit was carried out and the bank submitted a roadmap to the central bank.

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Police summons MDs of 4 Banks, 11 Bank Employees arrested

A number of bankers have been arrested in recent cyber fraud investigations due to allegations that they were involved in fraudulent operations. The managing directors of Yes Bank, ICICI Bank, RBL Bank, and Kotak Mahindra Bank are among the four private banks that the city police have written to, demonstrating how seriously they regard this issue. The letter's objective is to ask them to come in person the next week to provide an explanation for why no legal action should be taken against them.

Role of Bankers in Cyber Fraud Cases

When authorities discovered that the account holders implicated in illegal activities were unaware that they had opened such accounts, the role of bankers came under investigation. It was found that the bankers had helped cyber criminals open these accounts after more inquiry. The fact that the bankers charged a sizable commission in each instance suggests that they were aware that they were involved in illegal activity.

Victims of Fraudulent Investment and Task-based Schemes

Many people have been duped by schemes that promise large returns on investments or possibilities depending on tasks. In addition to apprehending the cyber criminals, the local police have shown initiative by making the bankers answerable for their involvement in these cyber fraud cases. As a result, the city police are the only law enforcement agency in the nation authorized to detain bankers in conjunction with other suspects in similar circumstances.

Read More - सबसे बड़ा बैंकिंग घोटाला: भारत देश में अब तक का सबसे बड़ा बैंक फ्रॉड, करोडो का बैंको को लगाया चुना

Exposing the Role of Bankers

During the investigation, it was discovered that the employees of Kotak Mahindra Bank’s MG Road branch were involved in fraudulent activities. They were subsequently arrested, and during the interrogation, they confessed to the involvement of several other bankers in similar fraudulent acts. Recognizing that bank accounts are a crucial component in cyber frauds, the police decided to investigate the criminal activities of bankers in such cases.

Violations of KYC Norms

In light of the recent arrests, the city police have written to the managing directors of Kotak Mahindra Bank, ICICI Bank, RBL Bank, and Yes Bank. The purpose of this letter is to request their personal appearance and an explanation as to why legal action should not be initiated against them for clear violations of the Reserve Bank of India’s (RBI) Know Your Customer (KYC) norms.

Bankers’ Methods and Tactics

During the ongoing investigations, the police have found that the bankers accused of aiding cyber criminals opened bank accounts using identification and address proofs collected from factory workers and laborers. They even gained access to the bank accounts of daily-wage workers by offering them money. Additionally, the police noticed the use of fake IDs, address proofs, and forged signatures to open bank accounts, further exposing the deceptive tactics used by these individuals.

Read More - Suspicious transactions detected in this bank,three staffs arrested

Bank Responsibilities and Accountability

The Deputy Commissioner of Police(Cyber Crime), Siddhant Jain, emphasized that bank managements have a responsibility to safeguard their clients’ money and protect it from cyber criminals. If bank employees are involved in criminal activities and aiding fraudsters, it is the duty of the bank managements to explain why action should not be taken against them. The police are determined to hold the responsible parties accountable for their actions in order to protect the public and maintain the integrity of the banking system.

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Kotak Mahindra Bank Q3 results: Profit at Rs 3,005 crore

Private sector lender Kotak Mahindra Bank on January 20 reported a net profit of Rs 3,005 crore for the quarter ended December 31, 2023, growing by 7.6 percent on a year-on-year (YoY) basis but falling short of analyst expectations of a Rs 3,243 crore profit.

Additionally, to comply with the Reserve Bank of India's (RBI) latest measures on alternative investment funds (AIF), the bank made a provision of Rs 143 crore.

Kotak Mahindra Bank's net profit for the quarter grew to Rs 3,005 crore, 7.6 percent up from Rs 2,792 crore in the corresponding quarter last year.

The lender's net interest income (NII) was at Rs 6,554 crore, higher than market estimations of Rs 6,434 crore. Net interest margin (NIM) of the lender came in at 5.22 percent for the quarter.

Segment wise, the lender’s home loan portfolio grew 15 percent to Rs 1.02 lakh crore from Rs 89,112 crore in the corresponding quarter last year. The credit card portfolio jumped by 52 percent to Rs 13,882 crore from Rs 9,159 crore.

The bank’s asset quality improved during the October-December period with gross non-performing assets (NPAs) at 1.73 percent, down from 1.91 percent from the year-ago quarter. Net NPA came in at 0.34 percent against 0.48 percent.

According to Motilal Oswal Financial Services, asset quality was expected to improve to 1.63 percent and Net NPA at 0.34 percent but the reported numbers missed expectations.

Gross slippages for the quarter stood at Rs 1,177 crore, compared to Rs 748 crore last year.

The bank said that it has made a provision of Rs 143 crore on its AIF investments. “The bank made a Rs 143 crore provision (post-tax) on applicable alternate investment fund (AIF) investments pursuant to RBI’s circular dated December 19, 2023," the bank said in a press release.

The RBI on December 19, said that regulated entities, such as banks, non-bank lenders, and home financiers, cannot invest in alternative investment funds (AIFs) that have directly or indirectly invested in companies that have borrowed money from the lenders.

Advances of Kotak Mahindra Bank grew by 15.72 percent to Rs 3.59 lakh crore, compared to Rs 3.10 lakh crore last year. Whereas, deposits grew by 18.56 percent to Rs 4.08 lakh crore from Rs 3.44 lakh crore.

The current account and savings account (CASA) ratio of the bank stood at 47.7 percent. Average current deposits grew by 5 percent to Rs 59,337 crore compared to Rs 56,372 crore last year.

Unsecured retail advances (incl. Retail Micro Finance) as a percent of the net advances stood at 11.6 percent for the quarter, compared to 9.3 percent of total advances in the corresponding quarter last year.

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Kotak Mahindra Bank Q2 Net profit rises 24%

Kotak Mahindra Bank on Saturday reported a 24 per cent rise in its standalone net profit to Rs.3,191 crore for the quarter ended September 30, mainly on the back of improvement in the core income and lower bad loans.

The private sector lender had posted a net profit of Rs.2,581 crore in the same quarter of the previous fiscal year.

Its total income during the July-September period grew to Rs.13,507 crore against Rs.9,925 crore in the year-ago quarter, Kotak Mahindra Bank said in a regulatory filing.

The net interest income increased 23 per cent to Rs.6,297 crore from Rs.5,099 crore a year ago. Its net interest margin for the quarter rose to 5.22 per cent against 5.17 per cent in the corresponding period of the previous financial year.

On the assets quality front, the bank also witnessed an improvement, with gross non-performing assets (or bad loans) declining to 1.72 per cent of gross advances at the end of September 2023 compared to 2.08 per cent a year ago.

Similarly, the net NPAs dropped to 0.37 per cent from 0.55 per cent in the same quarter a year ago. The bank's capital adequacy ratio stood at 21.7 per cent as of September 30, 2023.

On a consolidated basis, the bank reported a 24 per cent rise in its net profit to Rs.4,461 crore in the September quarter compared to Rs.3,608 crore in the same period of the previous fiscal. Its total income on a consolidated basis increased to Rs.21,560 crore against Rs.17,435 crore in the year-ago quarter.

3,191 crore for the quarter ended September 30, mainly on the back of improvement in the core income and lower bad loans.

The private sector lender had posted a net profit of Rs.2,581 crore in the same quarter of the previous fiscal year.

Its total income during the July-September period grew to Rs.13,507 crore against Rs.9,925 crore in the year-ago quarter, Kotak Mahindra Bank said in a regulatory filing.

The net interest income increased 23 per cent to Rs.6,297 crore from Rs.5,099 crore a year ago. Its net interest margin for the quarter rose to 5.22 per cent against 5.17 per cent in the corresponding period of the previous financial year.

On the assets quality front, the bank also witnessed an improvement, with gross non-performing assets (or bad loans) declining to 1.72 per cent of gross advances at the end of September 2023 compared to 2.08 per cent a year ago.

Similarly, the net NPAs dropped to 0.37 per cent from 0.55 per cent in the same quarter a year ago. The bank's capital adequacy ratio stood at 21.7 per cent as of September 30, 2023.

On a consolidated basis, the bank reported a 24 per cent rise in its net profit to Rs.4,461 crore in the September quarter compared to Rs.3,608 crore in the same period of the previous fiscal. Its total income on a consolidated basis increased to Rs.21,560 crore against Rs.17,435 crore in the year-ago quarter.

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ICICI Bank Q1 Results: Profit jumps 40% YoY, beats estimate

ICICI Bank reported an all-time high quarterly standalone net profit of ₹9,648 crore in first quarter (Q1FY24) on the back of healthy growth in net interest income and non-interest income.

Net profit in the reporting quarter is up 40 per cent year-on-year against ₹6,905 crore in the year-ago period.

The profitability comes despite an increase in operating expenses and net provisions.

The private lender’s consolidated net profit is up 44 per cent to ₹10,636 crore (₹7,385 crore).

Consolidated net profit includes the numbers of principal subsidiaries/associates such as ICICI Securities, ICICI Prudential Asset Management Company, ICICI Home Finance, ICICI Prudential Life, among others

Standalone performance

In the reporting quarter, net interest income (the difference between interest earned and interest expended) rose by 38 per cent to ₹18,226 crore (₹13,210 crore).

Other income, which includes fee income, dividend income from subsidiaries/associates, profit/(loss) on sale of investments and miscellaneous income, increased 16.5 per cent to ₹5,435 crore.

Net interest margin (NIM) improved to 4.78 per cent in Q1FY24 compared with 4.01 per cent in Q1FY23. However, this is lower compared with preceding quarter’s 4.90 per cent.

Re-pricing deposits

Sandeep Batra, Executive Director, said: “Term deposit rates have increased significantly over the last six to nine months...So, the sequential decline in NIM reflects the lagged impact of re-pricing of deposits, which is partly offset by increase in yields on loans and investments.

“We do expect re-pricing of deposits over the next couple of quarters. The overall decline in NIM is in line with our expectations. Going forward, we do expect some moderation in NIM to continue...”

Operating expenses rose about 26 per cent yoy to ₹9,523 crore (₹7,566 crore). Net provisions rose about 13 per cent to ₹1,292 crore (₹1,144 crore).

The gross non-performing assets (NPA) to gross advances position improved a shade to 2.76 per cent as at June-end 2023, against 2.81 per cent as at March-end 2023. The net NPA to net advances position was unchanged at 0.48 per cent.

Business growth

Total deposits increased by 17.9 per cent to ₹ 12,38,737 crore as on June-end 2023. The average current account, savings account (CASA) deposits declined to 42.6 per cent as at June-end 2023 against 43.6 per cent as at March-end 2023.

Total advances rose by 18.1 per cent to ₹10,57,583 crore, with domestic advances growing 20.6 per cent and overseas advances declining 29.5 per cent.

Within domestic advances, business banking reported the highest growth of 30.4 per cent, followed by SME business (28.5 per cent), retail loans (21.9 per cent), corporate loans (19.3 per cent) and rural (17.6 per cent).

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Kotak Mahindra Bank Q1 Results: Net Profit Rises 66.6%

 

Private lender Kotak Mahindra Bank has declared its first quarter results for the financial year 2023-24. The Board of Directors of Kotak Mahindra Bank has approved the unaudited standalone and consolidated results for the quarter ended June 30, 2023, at the Board meeting held in Mumbai, today.

Beating the market estimates, Kotak Mahindra Bank reported PAT (Profit After Tax) for Q1FY24 stood at ₹3,452 crore, up 67 per cent YoY from ₹2,071 crore in Q1FY23. CASA ratio of the private lender as on June 30, 2023 stood at 49.0 per cent.

Net Interest Income (NII) for Q1FY24 increased to ₹6,234 crore, from ₹4,697 crore in Q1FY23, up 33 per cent YoY. Net Interest Margin (NIM) was 5.57 per cent for Q1FY24.

At the consolidated level, the Return on Assets (ROA) for Q1FY24 (annualized) was 2.63 per cent (2.04 per cent for Q1FY23). Return on Equity (ROE) for Q1FY24 (annualized) was 14.62per cent (11.22 per cent for Q1FY23).

Consolidated Capital Adequacy Ratio as per Base III as on June 30, 2023 was 23.3 per cent and CET I ratio was 22.3 per cent (including unaudited profits).

Bank deposits grows in Q1FY24

Average Current deposits of Kotak Mahindra Bank grew to ₹59,431 crore during April to June 2023 quarter compared to ₹55,081 crore for Q1FY23, logging YoY gain of 8 per cent. Average Savings deposits stood at ₹119,817 crore as on June 30, 2023 ( ₹121,521 crore as at June 30, 2022). Average Term deposit up 40 per cent from ₹130,035 crore for Q1FY23 to ₹182,047 crore for Q1FY24.

Total assets managed / advised by the Group as at June 30, 2023 were ₹4,66,878 crore up 23 per cent YoY over ₹3,78,474 crore as at June 30, 2022. The Alternate Assets’ AUM (includes undrawn commitments, wherever applicable) increased by 90 per cent YoY to ₹46,443 crore as at June 30, 2023.

Advances (incl. IBPC & BRDS) increased 19 per cent YoY to ₹3,37, 031 crore as at June 30, 2023 from ₹282,665 crore as at June 30, 2022. Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 18 per cent YoY to ₹3,62,204 crore as at June 30, 2023 from ₹3,06,123 crore as at June 30, 2022.

Fees and services of the private lender for Q1FY24 increased to ₹1,827 crore from s 1,528 crore in Q1FY23, up 20 per cent YoY.

Operating profit of the private bank for Q1FY24 was ₹4,950 crore, up 78 per cent YoY (Q1FY23: ₹2,783 crore).

Customers as at June 30, 2023 were 4.35 crore (3.45 crore as at June 30, 2022). Unsecured retail advances (incl. Retail Micro Finance) as a percentage of net advances stood at 10.7 per cent as at June 30, 2023. (7.9 per cent as at June 30, 2022).

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