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Economic Times

IndusInd Bank takes decisive steps to address legacy issues of treasury: Chairman

Synopsis IndusInd Bank addresses legacy issues in treasury and microfinance following past frauds, reporting a net profit of Rs 604 crore this quarter. The bank is reinforcing trust and compliance, focusing on sustainable growth in vehicle finance and retailisation. Rajiv Anand has been appointed as MD and CEO, effective August 25, 2025, to lead the bank. IANS IndusInd Bank has taken decisive measures to address the identified legacy issues in treasury and microfinance as part of its efforts to come out of the financial mess caused by past frauds, the bank's chairman Sunil Mehta has said."Accountability is being taken, wherever required, and the board, along with the management team, remain fully aligned towards reinforcing a culture of trust, compliance and collective responsibility," he said in a note to bank, which faced a slew of issues stemming from alleged irregularities at the top management in recognising bad loans and trading reverses, had reported a consolidated net loss of Rs 2,329 crore for the March quarter of FY25."The bank has taken decisive measures to address the identified legacy issues in treasury and microfinance, with enhanced oversight and controls in place," he said. Expressing that the financial impact of legacy issues is now "behind us", Mehta said, the bank reported a net profit of Rs 604 crore this quarter, marking a return to sustainable earnings with no carryover of past irregularities. "Our balance sheet continues to remain strong, well-positioning the bank for sustainable growth," he ahead, he said, "We are anchored towards emerging stronger, more transparent, and more customer-focused. Our growth focus areas remain in vehicle finance, retailisation, mid and small corporates, granular liabilities, etc., while we remain cautious on unsecured segments".Mehta further said the board of directors of IndusInd Bank has approved the appointment of Rajiv Anand as Managing Director and Chief Executive Officer, effective August 25, 2025, for a three-year over 35 years of diverse experience in the banking and financial industry, Anand brings a strong track record in scaling retail and corporate businesses and deep expertise in capital markets, treasury, and asset management. He previously served as Deputy Managing Director at Axis Bank.