Rajiv Anand takes charge as MD & CEO of IndusInd Bank

The appointment, effective from August 25, 2025, was earlier cleared by the lender’s board on August 4 and subsequently approved by the Reserve Bank of India (RBI).

"We are delighted to welcome Mr. Rajiv Anand as the new Managing Director & CEO of IndusInd Bank. With his guidance and leadership, we look forward to creating new milestones in our journey of growth and excellence," the bank posted on X.

Anand’s elevation comes after months of interim arrangements at the private sector lender.

Following Kathpalia’s resignation on April 29, the board had constituted a “Committee of Executives” comprising Soumitra Sen, Head–Consumer Banking, and Anil Rao, Chief Administrative Officer, to oversee operations under the guidance of an oversight committee.

That arrangement, initially approved by the RBI for three months and later extended by a month, has now been dissolved with Anand formally taking charge.

"In view of the assumption of charge by MD&CEO effective today, the ‘Committee of Executives’ and ‘Oversight Committee of the Board’ thus stands dissolved with immediate effect," the bank said in a regulatory filing.

Kathpalia stepped down in April, citing “moral responsibility” after an independent investigation confirmed accounting discrepancies in the bank’s derivatives book.

The lapses, first disclosed in March, had an adverse impact of nearly ₹1,960 crore on the lender’s FY25 profit and loss account.

Who is Rajiv Anand?

Rajiv 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.

Anand joined Axis Asset Management Co. Ltd in 2009 as its founding MD and CEO. In his next assignment, he was appointed president of retail banking at Axis Bank. Subsequently, he was inducted into the board of the Axis Bank and took over as the head of wholesale banking.

His appointment as IndusInd MD & CEO is seen as a move to stabilise the bank’s top management after a spate of high-level exits earlier this year, including that of deputy CEO Arun Khurana.

IndusInd Bank shares closed at ₹772 on the BSE on Monday.