IndusInd CEO search: Bank shortlists three names for RBI review, includes Axis Bank's Rajiv Anand
Reserve Bank of India
(RBI) for the position of managing director and CEO, with the board recommending Anand as its top choice, Reuters reported citing two sources.
The shortlist comes after the resignation of former CEO Sumant Kathpalia and deputy CEO Arun Khurana in April, following a $230 million hit the bank took due to years of mis-accounting of internal derivative trades. The RBI had directed the private lender to submit candidates for the top post by June 30.
'The board has suggested a three-year term for the chief executive,' one of the sources told Reuters. The sources declined to be named as they are not authorised to speak with the media.
Anand currently serves as deputy managing director of Axis Bank and has held key roles in global financial institutions. Shukla, presently on sabbatical, was group head at HDFC Bank, while Saha is managing director at Bajaj Finance and has over two decades of experience in financial services.
"Rajiv Anand's name has been given as first priority by the board, given his reputation and the experience he brings to the table," one of the sources added.
As of Monday, IndusInd Bank shares were trading 0.6% higher but are still down 10% so far in 2025, according to Reuters. The RBI, IndusInd Bank, and the candidates did not respond to Reuters' requests for comment.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
11 minutes ago
- Time of India
France fines one of Amazon's biggest Chinese retail competitors for misleading customers about discounts
Note: AI image France's antitrust agency has announced that it has fined fast-fashion giant Shein 40 million euros ($47.17 million) for alleged deceptive business practices, specifically concerning misleading discounts . The fine comes after a nearly year-long investigation into the China-founded retailer, which is one of Amazon's biggest competitors in the US. The agency, responsible for both consumer protection and competition, stated that Infinite Style E-Commerce Co Ltd (ISEL), the entity managing sales for the Shein brand, misled customers about the authenticity of discounts, as per news agency Reuters. What the rules say and findings of the French agency Under French regulations, a discount's reference price must be the lowest price offered by the retailer in the 30 days prior to the promotion. The investigation found that Shein failed to adhere to this rule, sometimes even increasing prices before applying a supposed discount, the report said. The probe, which analysed thousands of products on Shein's French website between October 1, 2022, and August 31, 2023, revealed significant discrepancies. It found that 57% of advertised deals did not, in fact, offer a lower price, 19% had less of a discount than advertised, and a surprising 11% were actually price increases. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like One of the Most Successful Investors of All Time, Warren Buffett, Recommends: 5 Books for Turning... Blinkist: Warren Buffett's Reading List Click Here Undo What Shien has to say on 40-million-euro fine In response, Shein stated that ISEL was informed of the breaches related to reference pricing and environmental regulations in March of last year. The company claims ISEL implemented corrective actions within the subsequent two months, asserting that "all identified issues were addressed more than a year ago" and that ISEL is committed to complying with French regulations. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
India Today
12 minutes ago
- India Today
RBI bars foreclosure charges on floating rate loans to micro, small businesses
The Reserve Bank of India has barred banks and non-banking financial companies (NBFCs) from charging prepayment penalties on floating rate loans to micro and small enterprises (MSEs), effective for all loans sanctioned or renewed on or after January 1, directive, issued under the Reserve Bank of India (Pre-payment Charges on Loans) Directions, 2025, follows a supervisory review that found divergent practices among lenders. The review revealed that several institutions were levying prepayment charges inconsistently and, in some cases, including restrictive clauses in loan agreements to discourage borrowers from switching to other lenders offering better the importance of "easy and affordable financing" for MSEs, the central bank noted that such clauses often led to customer grievances and disputes, particularly when borrowers sought to refinance their loans at lower interest to the new rules, no prepayment charges will be allowed on floating rate loans to MSEs or to individuals borrowing for business purposes. This applies regardless of whether the loan is prepaid in part or full, and irrespective of the source of funds used to make the prepayment. The exemption will apply from the first day of the loan, with no lock-in exception has been made for certain categories of lenders, including small finance banks, regional rural banks, state and central co-operative banks, and NBFCs in the middle regulatory layer, which are already barred from levying prepayment penalties on loans up to Rs 50 lakh. This framework will continue unchanged for these the case of cash credit and overdraft facilities, the RBI has clarified that no prepayment charges will apply if the borrower informs the lender of their intention not to renew the facility within the agreed period and ensures that it is closed by the due strengthen transparency, the central bank has directed lenders to clearly disclose all applicable prepayment terms in the sanction letter, loan agreement and the Key Facts Statement (KFS), wherever applicable. Retrospective charges will not be allowed, and lenders cannot reintroduce any fees that were previously borrowers were already exempt from prepayment penalties under earlier rules. With this move, the RBI is extending similar protections to small businesses, which often face tighter credit conditions and limited ability to negotiate loan decision follows public consultations on a draft circular issued in February and is part of the RBI's broader effort to standardise customer-facing terms and reduce friction in the credit market.- Ends advertisement
Time of India
16 minutes ago
- Time of India
Google makes new proposal to stave off EU antitrust fine
Google has proposed fresh changes to its search results in an attempt to fend off growing criticism from rivals, a week before a key meeting that could lead to yet another EU antitrust fine, according to a document seen by Reuters. The US tech giant has been under pressure after being hit in March with European Union antitrust charges of unfairly favouring its own services such as Google Shopping, Google Hotels and Google Flights over competitors. The company, owned by Alphabet, will meet its rivals and the European Commission to discuss its proposals during a July 7-8 workshop in Brussels, the document said. The EU's landmark Digital Markets Act, under which Google has been charged, sets out a list of dos and don'ts for Big Tech aimed at curbing their power and giving rivals more room to compete and consumers more choice. Last week, Google offered to create a box at the top of the search page for a so-called vertical search service (VSS) which would contain links to specialised search engines as well as to hotels, airlines, restaurants and transport services. The latest offer, called Option B, is an alternative to last week's proposal, according to a Google document sent by the Commission to involved parties and seen by Reuters. "Under 'Option B', whenever a VSS box is shown, Google will also show a box that includes free links to suppliers," the document said. The box for suppliers - in essence hotels, restaurants, airlines and travel services - would be below the VSS box, with Google organising the information about the suppliers. Option B "provides suppliers opportunities while not creating a box that can be characterised as a Google VSS", the document said. "We've made hundreds of alterations to our products as part of our DMA compliance," a Google spokesperson said. "While we strive for compliance, we remain genuinely concerned about some of the real world consequences of the DMA, which are leading to worse online products and experiences for Europeans." Google risks a fine as much as 10% of its global annual revenue if found in breach of the DMA.
