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Time of India
9 hours ago
- Time of India
RBI extends IndusInd Bank oversight committee tenure till August 28
The Reserve Bank of India has extended the tenure of the oversight committee managing IndusInd Bank by another month, giving the lender more time to find a successor to outgoing Managing Director and CEO Sumant Kathpalia. The extension takes the panel's term through to August 28, 2025, or until a new MD and CEO is appointed—whichever comes earlier. The committee was initially set up after Kathpalia resigned on April 29, taking 'moral responsibility' for accounting lapses in the bank's derivatives portfolio. The financial impact of those lapses was pegged at Rs 1,960 crore. Explore courses from Top Institutes in Please select course: Select a Course Category Finance MBA MCA Technology Digital Marketing Management Healthcare Product Management Data Science Operations Management Public Policy Cybersecurity Others Degree Project Management CXO Design Thinking Artificial Intelligence others Data Analytics Data Science Leadership healthcare PGDM Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Fintech & Blockchain India Starts on undefined Get Details Skills you'll gain: Duration: 9 Months IIM Calcutta SEPO - IIMC CFO India Starts on undefined Get Details "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 committee, formed with RBI's approval, comprises Soumitra Sen (Head – Consumer Banking) and Anil Rao (Chief Administrative Officer). It was originally tasked with overseeing bank operations for three months from April 29 or until a new CEO took charge. In its March disclosure, the private lender had estimated that the accounting issues in its derivatives book could dent its net worth by 2.35% as of December 2024. Live Events Separately, IndusInd Bank also disclosed on Friday that Chief Human Resources Officer Zubin Mody has resigned to explore new opportunities outside the organisation.
News18
10 hours ago
- News18
RBI extends tenure of oversight panel of IndusInd Bank by one month till Aug 28
New Delhi, Jul 26 (PTI) 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. view comments First Published: July 26, 2025, 15:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
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Business Standard
13 hours ago
- Business Standard
RBI grants 1-month extension to IndusInd Bank's committee of executives
The Reserve Bank of India (RBI) has approved extending by a month the tenure of IndusInd Bank's 'committee of executives' – who are running the bank in the absence of a managing director (MD) and chief executive officer (CEO). The extension would be with effect from July 29 to August 28 or until the new MD & CEO is appointed and assumes charge, whichever is earlier, IndusInd Bank informed the exchanges late on Friday. In April, the bank had received RBI's approval to constitute a 'committee of executives', which will discharge the duties, roles and responsibilities of the bank CEO, following Sumant Kathpalia's resignation from the position, under the guidance of an oversight committee of the board, headed by chairman of the board, Sunil Mehta. The bank's 'committee of executives' comprises Soumitra Sen, head – Consumer Banking, and Anil Rao, chief administrative officer. The 'committee of executives' oversees the operations of the bank, under the oversight and guidance of an oversight committee of the board, headed by chairman of the board, along with members, including the chairs of the audit committee, the compensation and nomination and remuneration committee, and the risk management committee. Currently, as it stands, the banks' board is without a whole-time member following the resignations of CEO and deputy CEO. Sen, who is part of the 'committee of executives', joined IndusInd Bank in 2008 to revamp and scale up the bank's distribution network. He started the MNC food giant, Nestle, before moving on as a retail banker. He has worked with Bank of America and thereafter had stints with Deutsche Bank AG, ABN AMRO Bank NV and RBS, before moving to IndusInd Bank. Separately, the bank in an exchange notification disclosed that Zubin Mody, chief human resources officer and senior management personnel of the bank, has tendered his resignation, with effect from July 25, to pursue new opportunities outside, after a two-decade stint with the bank. Mody's exit from the bank comes after Sumant Kathpalia, the erstwhile MD & CEO of IndusInd Bank, resigned in April, citing 'moral responsibility' for 'various acts of commission/omission' following accounting lapses that resulted in a loss of nearly Rs 2,000 crore. Additionally, the erstwhile deputy CEO Arun Khurana resigned in connection with the same accounting issues. Previously, in January, the chief financial officer (CFO) of the bank had resigned.
