Rajiv Anand Takes Helm at IndusInd Bank Amidst Challenges

IndusInd Bank has appointed Rajiv Anand, former Deputy Managing Director of Axis Bank, as its new MD and CEO. This decision follows alleged management irregularities and accounting issues. Anand's appointment aims to steer the bank towards recovery and stability, with his tenure starting in August 2025.

IndusInd Bank has announced the appointment of Rajiv Anand, former Deputy Managing Director of Axis Bank, as its new Managing Director and CEO. This leadership change comes amidst a turbulent period for the bank, marked by alleged irregularities in recognizing bad loans and major trading reverses. Anand is slated to take charge in August 2025, through a three-year term pending shareholder approval.

Anand's robust experience, including his role as the founding MD and CEO of Axis Asset Management and his subsequent leadership in retail and wholesale banking at Axis Bank, is expected to be pivotal in navigating IndusInd Bank through its current challenges. The bank is grappling with accounting lapses that have had significant financial implications, leading to a change in leadership following the resignation of prior MD and CEO Sumant Kathpalia.

The Reserve Bank of India has temporarily extended the tenure of a committee of executives managing the bank to stabilize operations until Anand officially assumes his role. The committee was initially set to operate until late July 2025. Investors and stakeholders are now closely monitoring Anand's strategic direction to restore the bank's financial health and integrity.

(With inputs from agencies.)