IndusInd Bank Appoints Rajiv Anand as New MD & CEO

In a significant leadership transition, IndusInd Bank has announced the appointment of Rajiv Anand as its new Managing Director and Chief Executive Officer. The decision, which has received approval from the Reserve Bank of India (RBI), comes at a crucial time for the private sector lender, which has been navigating a period of operational and reputational challenges. Anand’s three-year term is set to begin on August 25.

Anand, a seasoned banking veteran with over 35 years of experience, joins IndusInd Bank after a long and distinguished career at Axis Bank, where he most recently served as Deputy Managing Director. His professional journey is marked by a deep expertise in various facets of the financial services industry, including wholesale and retail banking, capital markets, and asset management. Before his role as Deputy Managing Director, he was the founding CEO of Axis Asset Management and held key leadership positions in Axis Bank’s retail and wholesale banking divisions.

This appointment is seen as a strategic move to restore stability and confidence in IndusInd Bank, which has been under intense scrutiny following the resignation of its previous MD & CEO, Sumant Kathpalia, and an accounting lapse related to internal derivative trades. The bank had been functioning without a full-time CEO since April, with a committee of executives overseeing operations in the interim.

Anand’s extensive experience and strong track record are expected to provide the necessary leadership to address the bank’s current challenges, which include strengthening its internal controls, bolstering its risk management framework, and restoring market and investor trust. His arrival is anticipated to reassure stakeholders and pave the way for a renewed focus on robust growth and high standards of governance. The announcement of his appointment has been met with a positive reaction from the market, with IndusInd Bank’s shares experiencing a notable surge.