IndusInd Financial institution has named veteran banker Rajiv Anand as its new CEO, ending a management vacuum triggered by a significant derivatives accounting scandal.
Anand’s appointment, accredited for a three-year time period from August 25, 2025 to August 24, 2028, comes after the financial institution went practically 4 months and not using a full-time chief govt. His choice was confirmed following clearance from the Reserve Financial institution of India, which has last say on top-level banking appointments.
The put up had been vacant since April, when former CEO Sumant Kathpalia resigned, taking ethical accountability for a ₹1,960-crore loss tied to misaccounted inner spinoff trades. Since then, IndusInd had been run by a short lived govt committee together with Soumitra Sen and Anil Rao.
Anand, 59, lately retired as deputy managing director of Axis Financial institution. He brings over 35 years of expertise spanning asset administration, retail, and wholesale banking. He joined the Axis Group in 2009 because the founding MD of its asset administration arm, later transferring to Axis Financial institution in 2013 to move retail banking after which main wholesale banking from 2018.
He was chosen from a shortlist that included Rahul Shukla and Anup Saha.
IndusInd Financial institution is at present below regulatory and market scrutiny after the invention of misreported notional earnings from early-terminated spinoff contracts. The lapse distorted monetary disclosures throughout a number of quarters, dealing a severe blow to the financial institution’s credibility and prompting a board-level shake-up.
Anand’s appointment indicators an pressing course correction. His management is anticipated to concentrate on restoring confidence, tightening danger controls, and steering the financial institution via a interval of heightened oversight.
