IndusInd Bank has submitted its list of probable candidates for the position of MD & CEO to the Reserve Bank of India, ahead of the June 30 deadline, a source close to the development said. The RBI had given the bank's board time until June 30 to submit the list of probable names for the MD & CEO position after the bank's former MD & CEO Sumant Kathpalia and Deputy CEO Arun Khurana resigned in April.
According to reports, Rajiv Anand, Rahul Shukla and Anup Saha are the three names the bank has submitted to the RBI, with Anand being the bank's top choice. Anand serves as deputy MD of Axis Bank, while Shukla was previously associated with HDFC Bank as group head. Saha is currently MD at Bajaj Finance.
Following the resignations of Kathpalia and Deputy CEO Khurana, the bank is being run by a committee of executives that includes Soumitra Sen, head -- consumer banking, and Anil Rao, chief administrative officer, until a new MD & CEO assumes charge, or for a period of three months. In April, Kathpalia resigned, citing 'moral responsibility' for 'various acts of commission/omission' following accounting lapses that resulted in a loss of nearly 2,000 crore.
Prior to that, Deputy CEO Khurana had also resigned in connection with the same accounting issues. Previously, in January, the CFO of the bank had resigned. The bank reported a net loss of 2,329 crore in the January'"March quarter (Q4FY25), as it substantially ramped up provisions and reversed incorrectly booked revenue and income entries linked to accounting discrepancies in derivatives and microfinance discovered during the quarter. -- Business Standard
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