Rajiv Anand Appointed as IndusInd Bank's New MD & CEO Amidst Financial Turmoil

Rajiv Anand has taken over as the new MD & CEO of IndusInd Bank following the resignation of Sumant Kathpalia due to financial discrepancies. His appointment, for a term of three years, comes amidst efforts to manage accounting lapses in the bank's derivatives portfolio, impacting its net worth.

IndusInd Bank announced on Monday that Rajiv Anand has officially assumed the position of Managing Director and Chief Executive Officer. The bank's board had approved Anand's appointment earlier in the month, with his term set to commence on August 25, according to a regulatory filing.

The decision follows the resignation of former MD and CEO Sumant Kathpalia, who stepped down on April 29, taking moral responsibility for accounting irregularities in the bank's derivatives portfolio. The issue, leading to financial implications amounting to Rs 1,960 crore, prompted the Reserve Bank of India to instruct the bank's board to form an oversight committee.

Chairman Sunil Mehta expressed his eagerness to collaborate with Anand and the management team to steer the bank through its current challenges. The oversight panel, initially set to operate until July 28, 2025, had its tenure extended by a month to ensure continued supervision amid ongoing efforts to rectify financial setbacks.

(With inputs from agencies.)