&w=3840&q=100)
IndusInd submits MD & CEO candidate list to RBI before 30 June deadline
The RBI had given the bank's board time until 30 June 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.
An email sent to the bank did not elicit a response. Shares of the bank closed 1.54 per cent higher at ₹871.80 on the BSE on Monday.
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, and 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 Chief Financial Officer (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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
21 minutes ago
- Business Standard
RBI asks banks to integrate DoT's fraud risk tool to curb cyber crimes
The Reserve Bank of India has advised all banks to integrate the Financial Fraud Risk Indicator tool developed by the Department of Telecom to curb online fraudulent transactions, an official statement said on Wednesday. Banks and financial institutions can use the Financial Fraud Risk Indicator (FRI) in real time, which classifies mobile numbers based on their association with medium, high or very high risk of financial fraud. The data is collected from various sources, including reporting on the Indian Cyber Crime Coordination Centre (I4C's) National Cybercrime Reporting Portal (NCRP), DoT's Chakshu platform, and Intelligence shared by banks and financial institutions. "The Department of Telecommunications (DoT) welcomes the Reserve Bank of India's (RBI) advisory issued on June 30, 2025, directing all scheduled commercial banks, small finance banks, payments banks, and co-operative banks to integrate the Financial Fraud Risk Indicator (FRI) developed by DoT into their systems," the statement said. Launched in May 2025 by DoT's Digital Intelligence Unit (DIU), the system's utility has already been demonstrated, with leading institutions like PhonePe, Punjab National Bank, HDFC Bank, ICICI Bank, Paytm, and India Post Payments Bank actively using the platform. "With UPI being the most preferred payment method across India, this intervention could save millions of citizens from falling prey to cyber fraud. The FRI allows for swift, targeted, and collaborative action against suspected fraud in both telecom and financial domains," the statement said. DoT called the RBI move a "watershed moment in the fight against cyber-enabled financial frauds" and a testament to the power of inter-agency collaboration in safeguarding citizens in India's growing digital economy. "It also underscores the strategic importance of automating data exchange between banks and DoT's DIP through API-based integration, enabling real-time responsiveness and continuous feedback to further refine the fraud risk models," the statement said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
36 minutes ago
- Time of India
RBI advises banks to integrate DoT's financial fraud technology
The Reserve Bank of India has advised banks to integrate the Financial Fraud Risk Indicator tool developed by the Department of Telecom to curb online fraudulent transactions. This system classifies mobile numbers based on fraud risk using data from various sources. Leading institutions are already using the platform, potentially saving millions from cyber fraud. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Reserve Bank of India has advised all banks to integrate the Financial Fraud Risk Indicator tool developed by the Department of Telecom to curb online fraudulent transactions , an official statement said on and financial institutions can use the Financial Fraud Risk Indicator (FRI) in real time, which classifies mobile numbers based on their association with medium, high or very high risk of financial data is collected from various sources, including reporting on the Indian Cyber Crime Coordination Centre (I4C's) National Cybercrime Reporting Portal (NCRP), DoT's Chakshu platform, and Intelligence shared by banks and financial institutions."The Department of Telecommunications (DoT) welcomes the Reserve Bank of India's (RBI) advisory issued on June 30, 2025, directing all scheduled commercial banks, small finance banks, payments banks, and co-operative banks to integrate the Financial Fraud Risk Indicator (FRI) developed by DoT into their systems," the statement in May 2025 by DoT's Digital Intelligence Unit (DIU), the system's utility has already been demonstrated, with leading institutions like PhonePe, Punjab National Bank Paytm , and India Post Payments Bank actively using the platform."With UPI being the most preferred payment method across India, this intervention could save millions of citizens from falling prey to cyber fraud. The FRI allows for swift, targeted, and collaborative action against suspected fraud in both telecom and financial domains," the statement called the RBI move a "watershed moment in the fight against cyber-enabled financial frauds" and a testament to the power of inter-agency collaboration in safeguarding citizens in India's growing digital economy."It also underscores the strategic importance of automating data exchange between banks and DoT's DIP through API-based integration, enabling real-time responsiveness and continuous feedback to further refine the fraud risk models," the statement said.
Time of India
40 minutes ago
- Time of India
Bangas to sell 2.1% stake in Nykaa worth $140 million through block deal
. MUMBAI: Indian entrepreneur and founder of Hong Kong based The Caravel Group Harindarpal Singh Banga and his family are selling around 2.1% stake in Nykaa worth about $140.3 million (Rs 1200 crore) through a block deal on Thursday, the term sheet of the share sale showed. The Banga family has been one of the early investors of the Falguni Nayar-led e-commerce firm and currently holds nearly 5% stake in the firm. The Banga family will offload about 60 million shares at a 5.5% discount to Wednesday's closing price. Shares of Nykaa ended at Rs 211.80 apiece on the BSE on Wednesday, up 2.3%. 'The Banga family had invested in Nykaa when it was valued at about $25 million. Today, the company is valued at close to $7 billion. This is one of the top investor exits,' said an industry source. In August 2024, Banga had divested over four crore shares in Nykaa or a 1.4% stake taking the transaction value to Rs 851.5 crore. The block trade is being managed by the Indian broking arm of global financial majors Goldman Sachs and J.P. Morgan. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
