Informist, Wednesday, May 21, 2025

--IndusInd Bk: New CEO to be recommended to RBI by Jun 30

--IndusInd Bank: Determind to identify, induct strong leadership

--IndusInd Bk: Working to achieve high standards of governance, compliance

--IndusInd Bank: Search for CEO in advance stage

NEW DELHI – IndusInd Bank's search for a new chief executive officer is at an advanced stage, and the bank will give its recommendations to the Reserve Bank of India before the prescribed deadline of Jun. 30, its management said on Wednesday.

"This will provide strong leadership and management stability at the bank. The board is determined to identify and expeditiously induct strong leadership with the right competencies, strong ethics and the ability to build and scale a robust franchise," the management said at a post-earnings analysts conference call.

The search for a new CEO comes after the bank's Managing Director and CEO Sumanth Kathpalia resigned in April, taking "moral responsibility" for the discrepancies unearthed in the bank's derivatives portfolio. Deputy Chief Executive Officer Arun Khurana had also resigned after reports of discrepancies surfaced. Following this, the RBI had approved the bank's request to constitute a 'committee of executives' to perform the role of CEO until a permanent appointment is made.

On Mar. 10, IndusInd Bank informed the exchanges that an internal review had found certain discrepancies in the accounting of internal trades in its derivatives portfolio. "The board is working with the management to bring in a cultural shift towards achieving high standards of ethics and governance. We want to build an environment of open and honest communication with all the stakeholders, prioritising long-term sustainability over short-term achievements," the management said.

IndusInd Bank posted a net loss of INR 22.36 billion for the March quarter, against a profit of INR 23.47 billion a year ago. On Wednesday, the bank's shares ended 1.6% lower at INR 769.95 on the National Stock Exchange. End

Reported by Pratiksha and Kshipra Petkar

Edited by Saji George Titus

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