IndusInd Bank appoints Rajiv Anand as MD, CEO for 3 years, effective Aug 25
This story was originally published at 06:00 IST on 5 August 2025
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NEW DELHI – IndusInd Bank Ltd.'s board has approved the appointment of Rajiv Anand as the managing director and chief executive officer, the lender informed exchanges late Monday. The appointment is effective from Aug. 25 up to August 24, 2028, according to the exchange filing.
Earlier, Anand was deputy managing director at Axis Bank Ltd. "In this role, he led the bank's wholesale banking business and was also responsible for driving the digital agenda of the bank. He has held key management positions at leading global financial institutions and in capital markets and banking", the filing read.
Currently, the bank's operations are being overseen by the 'committee of executives' comprising Soumitra Sen, head of consumer banking, and Anil Rao, chief administrative officer.
IndusInd Bank has faced several exits at senior management level since late April--also CEO Sumant Kathpalia and deputy CEO Arun Khurana--after the lender reported discrepancies in its derivatives accounting and microfinance loan portfolio in 2024-25 (Apr-Mar). It has said the irregularities in the microfinance book were fraud committed against the bank.
With a net profit of INR 6.84 billion, the bank returned to profitability in Apr-Jun after a rare quarterly loss of INR 22.36 billion in the March quarter, following discrepancies in the bank's derivatives portfolio accounting. The lender's net profit declined by a whopping 68% year-on-year as provisions increased by nearly 66% for the quarter ended June.
On Monday, shares of the bank closed 2.6% higher at INR 804.05 on the National Stock Exchange. End
Reported by Sagar Sen
Edited by Deepshikha Bhardwaj
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