RBI extends tenure of oversight panel of IndusInd Bank by one month till Aug 28

The RBI has extended the tenure of the oversight committee of IndusInd Bank by one month till August 28 as the lender looks to find new MD and CEO following resignation of incumbent Sumant Kathpalia.

The panel was formed after Kathpalia resigned on April 29 taking moral responsibility of accounting lapses in the derivatives portfolio, having financial implication of Rs 1,960 crore to the bank. The tenure of the committee was till July 28, 2025.

''We now wish to inform that the RBI vide its letter dated July 25, 2025, has granted its approval for extension of tenure of the Committee of Executives for a further period of one month, with effect from July 29, 2025 upto August 28, 2025 or until the new MD&CEO is appointed and assumes charge, whichever is earlier,'' IndusInd Bank said in a regulatory filing on Friday.

The bank with approval from the RBI had constituted the committee comprising Soumitra Sen (Head - Consumer Banking) and Anil Rao (Chief Administrative Officer) as its members, to oversee the operations of the bank till new MD & CEO assumes charge or for a period of three months from April 29, 2025.

In March, the private sector lender reported that the accounting lapses in the derivative portfolio was estimated to have an adverse impact of 2.35 per cent of the bank's net worth as of December 2024.

Meanwhile, IndusInd Bank in a separate regulatory filing said Chief Human Resources Officer Zubin Mody has resigned to pursue new opportunities outside.

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