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IndusInd Bank appoints Rajiv Anand as MD & CEO for 3 years, effective Aug
Anand was one of three candidates recommended by the bank's board to the RBI for the position of MD&CEO. The RBI had given the board until June 30 to submit its list of candidates for the role. Reports had suggested that Anand, Anup Kumar Saha, and Rahul Shukla were the three names sent to the RBI for approval.
Prior to this role, Anand was Deputy MD at Axis Bank, where he led the bank's wholesale banking business and was responsible for driving its digital agenda. He joined Axis Asset Management in 2009 as its founding MD&CEO.
In subsequent roles, Anand was appointed president of retail banking at Axis Bank and later joined the board as head of Wholesale Banking.
Anand holds a degree in Commerce and is a qualified Chartered Accountant.
Anand's appointment as MD&CEO follows the resignation of Sumant Kathpalia, the former MD&CEO of the bank, in April, who took moral responsibility for the accounting lapses at the bank.
Additionally, former Deputy CEO Arun Khurana also stepped down in April over the same accounting lapses. In Q4FY25, the bank reported a loss of Rs 2,329 crore after ramping up provisions and reversing incorrectly booked revenue and income entries linked to accounting discrepancies in the derivatives and microfinance segments.
The bank's Chief Financial Officer and Chief Human Resources Officer also resigned.
After the CEO's resignation, IndusInd Bank formed an executive committee to oversee operations, which received a one-month extension last week.
IndusInd Bank reported a 72% year-on-year (Y-o-Y) decline in net profit to Rs 604 crore in Q1FY26, due to higher provisions for retail loans and lower income from both core and non-core operations.
Following the bank's earnings, IndusInd Bank's Chairman Sunil Mehta stated that the leadership transition is on track. Mehta added that the bank is actively identifying both internal and external candidates for senior management roles.
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