IndusInd Bank shares jump 5.5% as lender appoints Rajiv Anand as MD and CEO; key details to know

The board, basis approval of the Reserve Bank of India (RBI), at its meeting held on August 4, approved the appointment of Rajiv Anand as 'Additional Director' in the category of Managing Director and CEO and Key Managerial Personnel of the bank for three years, IndusInd Bank said in a late evening regulatory filing.

The appointment is effective from August 25, 2025, up to August 24, 2028, subject to the approval of the shareholders of the bank, it said.

Anand would assume charge at a time when the bank is reeling under a slew of issues stemming from alleged irregularities of the top management in recognising bad loans and trading reverses.

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.

Last month, the RBI extended the tenure of the committee of executives of the bank for one month, as IndusInd Bank expected the regulator's clearance for its new MD and CEO by that time.

The situation arose following the resignation of MD and CEO Sumant Kathpalia in the wake of accounting lapses costing ₹1,960 crore to the lender in the 2024-25 fiscal year.

The private sector lender in March reported the accounting lapses in the derivative portfolio, estimated to have an adverse impact of approximately 2.35% of the bank's net worth as of December 2024.

The original tenure of the Committee of Executives constituted on April 29 was till July 28, 2025.

IndusInd Bank Q1 FY26

Private sector lender IndusInd Bank reported a 72% drop in its consolidated net profit for the June quarter of the current fiscal year (Q1 FY26) to ₹604 crore and assured that there will not be any more financial impact of past frauds.

The bank had reported a net profit of ₹2,171 crore in the year-ago period.

It had reported a loss of ₹2,329 crore in the preceding March quarter, and the interim management, which has taken over operations of the business after the resignation of leadership, including then chief executive Sumant Kathpalia, had said that all the possible impacts are recognised.

Total income dropped to ₹14,420.80 crore in the April-June quarter of FY26 compared to ₹14,988.38 crore in the year-ago period.

IndusInd Bank Chairman Sunil Mehta said the bank has delivered "clean and profitable" results in the June quarter, marking a "robust recovery" from the March quarter.

"We have delivered Q1 results without any carryoverof the prior period irregularities. The financial impact of legacy issues is behind us," Mehta told analysts over a call.