RBI extends IndusInd Bank oversight committee tenure till August 28
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.
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"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.
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Separately, IndusInd Bank also disclosed on Friday that Chief Human Resources Officer Zubin Mody has resigned to explore new opportunities outside the organisation.
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