Latest news with #RajivAnand
Time of India
3 days ago
- Business
- Time of India
IndusInd CEO search: Bank shortlists three names for RBI review, includes Axis Bank's Rajiv Anand
IndusInd Bank has submitted three names — Rajiv Anand, Rahul Shukla, and Anup Saha — to the 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
Mint
3 days ago
- Business
- Mint
IndusInd Bank shortlists three veteran bankers for CEO role, requests RBI approval — Check details
IndusInd Bank has shortlisted three veteran bankers for its Chief Executive Officer (CEO) role and submitted the names to the central bank, the Reserve Bank of India (RBI), for its approval, reported the news agency Reuters, citing two people aware of the development. Axis Bank's Deputy Managing Director Rajiv Anand, HDFC Bank's Executive Vice President Rahul Shukla, and Bajaj Finance's Managing Director Anup Saha were the three veteran bankers the private institutional lender shortlisted to potentially fill the CEO role. '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 people aware of the development cited above told the news agency. As per earlier reports, the Reserve Bank asked IndusInd Bank's board of directors to submit three names before the deadline on 30 June 2025. A report from the news portal Economic Times, citing people aware of the development, said that the IndusInd Bank's board is unlikely to consider more contenders for the CEO role. The board has also suggested that the new CEO's term will be for three years at the bank, according to the agency report, citing people aware of the development. The private lender incurred $230 million in the year ended 31 March 2024-25, due to the years of misaccounting of internal derivative trades. This resulted in the resignations of the former CEO, Sumant Kathpalia, and the deputy, Arun Khurana, in April 2025. All three veteran bankers who were shortlisted for the IndusInd Bank CEO role have decades of experience working in the banking system for financial companies or institutional lenders. HDFC Bank's Executive Vice President, Rahul Shukla, has been serving as the Senior Vice President and Head of the Risk Strategy Unit in the institutional lender for the last 21 years, according to the LinkedIn profile. Shukla has a Master's in Business Administration (MBA) from the Savitribai Phule Pune University. Rajiv Anand, who is currently serving as the Deputy Managing Director of Axis Bank, has spent more than eight years in the company. Before joining the institutional lender, between 2009 to 2013, Anand worked at Axis Asset Management as its MD and CEO. Anand also has prior experience working for over 12 years at Standard Chartered Bank, and 4.9 years of experience working for HSBC. He also holds a chartered accountant certification from the Institute of Chartered Accountants of India (ICAI). Anup Saha, the current Managing Director of Bajaj Finance, has nearly 32 years of experience in the industry, working 25 years in financial services and banking with various institutional lenders and non-banking financial entities.
News18
3 days ago
- Business
- News18
IndusInd Bank Sends CEO Candidates Shortlist To RBI Following Top-Level Exits
Last Updated: IndusInd Bank has submitted a shortlist of three senior banking executives to the RBI for the role of Chief Executive Officer IndusInd Bank Shares: IndusInd Bank has submitted a shortlist of three senior banking executives to the Reserve Bank of India (RBI) for the role of Chief Executive Officer (CEO), according to a Reuters report citing sources familiar with the matter. The shortlisted candidates are Rajiv Anand, Rahul Shukla, and Anup Saha — all of whom bring decades of financial sector experience. This development follows the sudden departures of CEO Sumant Kathpalia and Deputy CEO Arun Khurana in April, after the bank suffered a $230 million setback due to years of internal misreporting in derivative trades. The RBI, which has the final authority on top-level appointments in Indian banks, had instructed IndusInd Bank to submit the list of successors by June 30. The bank's board has reportedly proposed a three-year term for the new CEO. Among the names, Rajiv Anand — currently the Deputy Managing Director at Axis Bank — is seen as the frontrunner, owing to his extensive experience across both domestic and global financial institutions. Rahul Shukla, formerly Group Head at HDFC Bank, is currently on sabbatical and has over 30 years of industry experience. Anup Saha, the Managing Director at Bajaj Finance, also brings over 25 years of experience in the financial services space. 'Rajiv Anand's name has been given as the first priority by the board, given his reputation and the experience he brings to the table," said one of the sources. At 12:35 PM on Monday, shares of IndusInd Bank were trading up 1%. However, the stock has lost over 10% in value so far in 2025. First Published: June 30, 2025, 14:16 IST
Hans India
3 days ago
- Business
- Hans India
IndusInd Bank likely to submit CEO shortlist to RBI amid leadership overhaul
IndusInd Bank's board is likely to unveil its shortlist for the next chief executive officer (CEO) on Monday, a key development as the lender looks to bounce back from months of disruption triggered by a derivatives trading fiasco and subsequent leadership crisis. The move comes in response to the Reserve Bank of India's (RBI) directive, which asked the bank to submit its CEO recommendations by June 30. According to reports, as that deadline arrives, three names have emerged as frontrunners for the top post: Rajiv Anand, currently Deputy Managing Director at Axis Bank and set to retire in August; Anup Saha, Managing Director at Bajaj Finance known for his expertise in digital and retail banking; and Rahul Shukla, former Group Head at HDFC Bank, who is currently on a sabbatical and is recognised for his deep experience in commercial and rural banking. The new leader will be responsible for restoring investor confidence, tightening internal controls, and guiding the bank through a phase of rebuilding and regulatory scrutiny, as per reports. The leadership change comes amid an ongoing investigation by the Securities and Exchange Board of India (SEBI) into accounting irregularities at the private sector lender. Earlier this month, SEBI issued a corrigendum to its interim order, clarifying that the global consulting firm KPMG was appointed based on an 'engagement note' rather than a more formal 'board note'. This correction was part of a broader probe into how the bank handled internal discrepancies that eventually led to a reported financial loss of Rs 2,093 crore. KPMG was brought in by IndusInd Bank in February 2024 to assess the financial impact of the irregularities. Despite the scale of the losses, SEBI found that the bank failed to disclose this information to stock exchanges on time or mark it as price-sensitive data until early March 2025. The regulator named four senior executives for their roles in the matter and barred them from dealing in securities until further notice.
Yahoo
3 days ago
- Business
- Yahoo
India's IndusInd Bank sends CEO shortlist to central bank for approval, sources say
By Siddhi Nayak MUMBAI (Reuters) -India's IndusInd Bank has shortlisted three senior bankers - Rajiv Anand, Rahul Shukla, and Anup Saha - for the position of CEO and submitted their names to the central bank for approval, two sources told Reuters. IndusInd Bank took a $230 million hit in the year ended March 31 due to years of misaccounting of internal derivative trades, prompting the resignations of CEO Sumant Kathpalia and deputy Arun Khurana in April. The Reserve Bank of India (RBI), which has the final say in top appointments at banks, had asked for names of potential replacements by June 30. The board has suggested a three-year term for the chief executive, one of the sources said. The sources declined to be identified as they were not authorised to speak with the media. IndusInd Bank, RBI and Saha did not reply to a Reuters email seeking comment. Anand and Shukla did not reply to WhatsApp messages. Anand, a veteran banker, is currently the deputy managing director at private lender Axis Bank, and has held key management positions at leading global financial institutions. Shukla, who is currently on sabbatical, is group head at India's biggest private lender HDFC Bank, with over 30 years of work experience. Saha is the managing director of Indian non-bank lender Bajaj Finance and has served for 25 years in the financial services industry. "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 said. Shares of IndusInd Bank were trading 0.6% higher on Monday and are down 10% so far in 2025.
