IndusInd Bank on Monday announced the appointment of veteran banker Rajiv Anand as its next managing director and chief executive officer.
Anand has been given the charge for a period of three years, “with effect from August 25, 2025 up to August 24, 2028”, the private lender said in a regulatory filing. However, the appointment is subject to approval from the shareholders.
The post of MD & CEO was vacant since April, after Suman Kathpalia had resigned amid the massive accounting discrepancy row. Subsequently, the Reserve Bank of India had directed the bank to submit its CEO recommendations by June 30.
Currently, a committee of two senior executives are managing the bank in the absence of a full-time CEO and have been granted time till Aug. 28. The committee’s tenure was earlier set to conclude on July 28.
The top three CEO contenders included Rajiv Anand, former deputy managing director of Axis Bank; and Anup Saha, managing director at Bajaj Finance, who brings strong retail and digital banking credentials, and former HDFC Bank Group Head Rahul Shukla, who is currently on sabbatical and is known for his experience in commercial and rural banking.
The announcement of a new CEO was crucial for IndusInd Bank as the leader will be tasked with restoring trust, tightening governance, and stabilising the bank after months of financial misreporting and management turmoil.
Anand in his role at Axis Bank had led the Bank’s wholesale banking business and was also responsible for driving the digital agenda of the the private lender.
He has also held key management positions at leading global financial institutions and in capital markets and banking.
