IndusInd Bank appoints Axis Bank's Rajiv Anand as CEO, MD for three years
ADVERTISEMENT The appointment is effective from August 25, 2025 upto August 24, 2028, the lender informed through stock exchange filing.
The new appointment of the banking veteran comes as the lender was functioning been without a full-time CEO since Sumant Kathpalia resigned at the end of April, taking moral responsibility for the derivatives accounting controversy. In the interim, the bank was being managed by a committee of senior executives including Soumitra Sen, head of consumer banking, and Anil Rao, chief administrative officer.
Anand retired as deputy managing director of Axis Bank on August 3 upon completion of his third term as a director on the bank's board. ET had reported that Anand was seen as the frontrunner for the role. Anand, 59, is a chartered accountant with over 35 years of experience across asset management, retail banking, and wholesale banking. He joined Axis Group in 2009 as founding managing director of Axis Asset Management Co. In 2013, he transitioned to Axis Bank as president of retail banking and later assumed leadership of its wholesale banking division in 2018.
IndusInd Bank is under intense scrutiny due to a substantial Rs 1,960-crore loss linked to misaccounted internal derivative trades. According to the bank, the losses were primarily the result of inaccurate accounting for internal derivative trades, particularly where contracts were terminated early. These errors led to inflated notional profits, concealing the true financial state of the derivatives portfolio over multiple reporting periods.
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( Originally published on Aug 04, 2025 )
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