IndusInd Bank says board in process of finding next MD & CEO

Private sector lender IndusInd Bank on Thursday said its board is in the process of finding the next managing director (MD) and chief executive officer (CEO). Pursuant to the recommendation of the nomination and remuneration committee (NRC), the board of directors of the bank, at its meeting on Wednesday finalized a potential candidate for the position of MD & CEO, it said in a release.

"As mandated under the extant RBI norms, the bank has submitted an application to the Reserve Bank of India (RBI), seeking approval for the appointment of the new MD & CEO of the bank," it said. On receipt of the RBI's approval, the bank shall duly make the requisite disclosures to the stock exchanges, it added.

Current MD & CEO Romesh Sobti is set to retire in late-March 2020 when he turns 70. The banking regulator has stipulated 70 as the retirement age for managing directors at banks.