IndusInd Bank to appoint new MD & CEO by Aug 28
The extended tenure will be in effect from July 28 to August 28, 2025, or until a new managing director and chief executive officer is appointed, whichever is earlier.
ADVERTISEMENT
IndusInd Bank has announced that the Reserve Bank of India (RBI) has approved a one-month extension of the tenure of its Board's Oversight Committee, which was to conclude on July 28th.
The extended tenure will be in effect from July 28 to August 28, 2025, or until a new managing director and chief executive officer is appointed and assumes responsibilities, whichever is earlier.
On April 29, Sumanth Kathpalia stepped down as CEO following the disclosure of discrepancies related to derivative accounting. Kathpalia, who had assumed the role in 2020, took 'moral responsibility' for the developments and resigned just a day after the resignation of Deputy CEO Arun Khurana.
Following this, the RBI approved the appointment of the bank's Board's 'Committee of Executives', comprising Soumitra Sen and Anil Rao, to oversee the operations of the lender under the supervision of the Board's Oversight Committee.
