IndusInd Bank announced on Monday that its Board of Directors, with approval from the Reserve Bank of India, has appointed Rajiv Anand as the new Managing Director and CEO of the bank. His tenure will begin on August 25, 2025, and will continue until August 24, 2028, subject to shareholder approval.
Anand currently serves as Deputy Managing Director at Axis Bank, where he has led wholesale banking and digital transformation initiatives. Over the years, he has held prominent leadership roles across global financial institutions and capital markets.
The leadership transition follows a turbulent period for IndusInd Bank. The bank took a $230 million hit in the year ended March 31 due to years of misaccounting of internal derivative trades. This accounting lapse prompted the resignations of CEO Sumant Kathpalia and Deputy CEO Arun Khurana in April 2025.
The bank clarified that Mr. Anand is not debarred from holding the position by SEBI or any other authority. His appointment signals a new chapter for the bank as it seeks to restore investor confidence and strengthen internal controls.
The Board meeting confirming the appointment was held on August 4 and concluded within 22 minutes.
