RBI approves Rajiv Anand as MD & CEO of IndusInd Bank

Synopsis

The Reserve Bank of India has approved Rajiv Anand's appointment as MD & CEO of IndusInd Bank, effective August 25, for a three-year term. Anand, formerly Deputy Managing Director at Axis Bank, brings over 35 years of financial services experience. His appointment follows Sumant Khatpalia's exit due to an accounting discrepancy.

The Reserve Bank of India has approved the appointment of Rajiv Anand as MD & CEO of IndusInd Bank, effective August 25, the bank informed the stock exchanges late Monday evening.

The RBI has approved Anand’s appointment for a period of three years, until August 24, 2028. The other two candidates considered by the board for the post were Anup Saha of Bajaj Finance and Rahul Shukla of HDFC Bank.

Rajiv Anand, aged 59, stepped down from his position as Deputy Managing Director at Axis Bank on August 3.
Rajiv Anand has been associated with Axis Bank since 2009 and was elevated to DMD on December 27, 2021.
The board of IndusInd Bank has approved the appointment of Rajiv Anand, which will require shareholders' approval.

Commenting on the appointment, Sunil Mehta, Chairman of IndusInd Bank, said, “The Board looks forward to working closely with Rajiv and the management team to deliver strong and robust growth while prioritizing the highest standards of governance.”

Rajiv Anand is a chartered accountant and commerce graduate with over 35 years of experience in the financial services sector, spanning asset management, retail banking, and wholesale banking. He joined the Axis Group in 2009 as the founding Managing Director of Axis Asset Management. In 2013, he transitioned to Axis Bank as President of Retail Banking and later assumed leadership of its Wholesale Banking division in 2018.

The board began looking for an MD & CEO after Sumant Khatpalia exited IndusInd Bank, taking full responsibility for an accounting discrepancy in the forex derivative portfolio amounting to nearly ₹2,000 crore.

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