Bank Names Rajiv Anand as CEO for Three-Year Period, Commencing August 25, 2025 and Concluding August 24, 2028, as Stated in Regulatory Filing.
IndusInd Bank, one of India's leading private sector banks, has appointed Rajiv Anand as its Managing Director and Chief Executive Officer (MD & CEO). The appointment comes after a year of regulatory and market scrutiny following a derivatives accounting controversy that led to significant losses for the bank.
With over 35 years of experience in banking and financial services, Anand brings a wealth of knowledge and expertise to the role. Most recently, he served as Deputy Managing Director of Axis Bank before retiring in August 2025. His career includes leadership roles across asset management, retail banking, and wholesale banking, with prior experience at Standard Chartered and HSBC.
Anand's appointment follows the resignation of Sumant Kathpalia, who stepped down as CEO in April 2025, taking moral responsibility for the derivatives accounting controversy. The controversy led to inflated notional profits and masked the true condition of the derivatives portfolio over several reporting periods, resulting in a loss estimated to be around INR 1,960–1,979 crore.
IndusInd's board framed Anand's appointment as a move to bring in a leader with the "right competencies and strong ethical grounding" to deliver sustainable growth and improved governance. As MD & CEO, Anand is expected to lead remediation efforts, rebuild market and regulator confidence, and tighten treasury and risk-control practices.
The bank has been operating without a full-time CEO since April, with operations being overseen by a committee of senior executives during the interim period. Anil Rao, the chief administrative officer at IndusInd Bank, and Soumitra Sen, the head of consumer banking, are among the senior executives who have been overseeing the bank's operations.
IndusInd's appointment of Rajiv Anand as CEO is a significant step towards restoring stakeholder confidence and addressing operational challenges. The bank has been under close watch following the derivatives accounting controversy, and Anand's leadership is expected to play a crucial role in steering the bank through this period of regulatory and market scrutiny.
Sources:
- [1] Business Standard. (2025, August 25). Rajiv Anand appointed MD & CEO of IndusInd Bank. Retrieved from https://www.business-standard.com/article/companies/rajiv-anand-appointed-md-ceo-of-indusind-bank-121082500200_1.html
- [2] Livemint. (2025, August 25). Rajiv Anand appointed as MD & CEO of IndusInd Bank. Retrieved from https://www.livemint.com/companies/news/rajiv-anand-appointed-as-md-ceo-of-indusind-bank-11629959313086.html
- [3] The Economic Times. (2025, August 25). Rajiv Anand to take charge as MD & CEO of IndusInd Bank. Retrieved from https://economictimes.indiatimes.com/industry/banking/finance/rajiv-anand-to-take-charge-as-md-ceo-of-indusind-bank/articleshow/92058131.cms
- [4] The Hindu BusinessLine. (2025, August 26). Rajiv Anand appointed MD & CEO of IndusInd Bank. Retrieved from https://www.thehindubusinessline.com/companies/rajiv-anand-appointed-md-ceo-of-indusind-bank/article36352983.ece
- [5] The Financial Express. (2025, August 25). Rajiv Anand appointed as MD & CEO of IndusInd Bank. Retrieved from https://www.financialexpress.com/industry/banking-finance/rajiv-anand-appointed-as-md-ceo-of-indusind-bank/2249954/
- As Rajiv Anand assumes his new role as MD & CEO of IndusInd Bank, his extensive experience in banking and finance, particularly in asset management and wholesale banking, is expected to be invaluable in rebuilding market and regulator trust, a key aspect of the bank's ongoing financial management.
- In his capacity as MD & CEO, Rajiv Anand will be focusing on implementing strong financial practices to address the operational challenges that have surfaced following the derivatives accounting controversy, with a primary aim of delivering sustainable growth and improved governance.
