IndusInd Bank has officially appointed Rajiv Anand as its new Chief Executive Officer for a period of three years, effective from August 25. The appointment comes after receiving final approval from the Reserve Bank of India, which is the regulatory authority overseeing senior banking roles.
Rajiv Anand, currently serving as Deputy Managing Director at Axis Bank, brings years of leadership experience across top global financial institutions. His name was shortlisted along with Rahul Shukla and Anup Saha, and was selected after a detailed evaluation process by the board.
This leadership change follows a significant setback for IndusInd Bank earlier this year. The bank reported a USD 230 million loss for the financial year ending March 31 due to the long-term misreporting of internal derivative trades. This development led to the resignation of former CEO Sumant Kathpalia and Deputy CEO Arun Khurana in April.
In the interim, the bank was managed by its board and a panel of senior officials. With Anand stepping in as CEO, the bank aims to rebuild momentum and restore full leadership.
Recently, the Mumbai-based bank announced a return to profitability. It reported a profit in the first quarter, bouncing back after posting its largest-ever quarterly loss in the previous three-month period.
Rajiv Anand’s appointment is expected to bring much-needed stability and direction to the bank as it continues to recover from past financial setbacks and work towards future growth.
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