IndusInd Bank Appoints Rajiv Anand as CEO for Three-Year Term Anand's tenure will begin on August 25, 2025, and conclude on August 24, 2028, the bank said in a regulatory filing.

IndusInd Bank on Monday announced the appointment of veteran banker Rajiv Anand as its chief executive officer for a three-year term. His tenure will begin on August 25, 2025, and conclude on August 24, 2028, the bank said in a regulatory filing.

The appointment comes after the Reserve Bank of India approved Anand's candidature. The lender had been operating without a full-time CEO since April, when Sumant Kathpalia stepped down, taking moral responsibility for the derivatives accounting controversy. During the interim period, the bank's operations were overseen by a committee of senior executives, including Soumitra Sen, head of consumer banking, and Anil Rao, chief administrative officer.

Anand, aged 59, retired as deputy managing director of Axis Bank on August 3 after completing his third term as a board director. According to reports, he was among three shortlisted candidates for the role, alongside Rahul Shukla and Anup Saha.

A chartered accountant by qualification, Anand brings more than 35 years of experience in asset management, retail banking, and wholesale banking. He began his journey with Axis Group in 2009 as the founding managing director of Axis Asset Management Co. In 2013, he moved to Axis Bank as president of retail banking, later taking charge of wholesale banking in 2018.

IndusInd Bank has been under close watch following an INR 1,960-crore loss tied to misaccounted internal derivative trades. The bank has stated that the losses stemmed from errors in accounting, particularly in cases where derivative contracts were terminated early. These mistakes led to inflated notional profits that masked the true condition of the derivatives portfolio over several reporting periods.

With Anand's appointment, the bank is expected to focus on restoring stakeholder confidence and addressing operational challenges.