Sumant Kathpalia Resigns as IndusInd CEO; RBI Nods For Interim Leaders Sumant Kathpalia stepped down as MD & CEO effective close of business hours on April 29, bringing an end to his tenure at the bank. In response, the bank has taken swift action to maintain continuity and governance stability.
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IndusInd Bank announced that it has received approval from the Reserve Bank of India (RBI) to establish a temporary "Committee of Executives" to steer the bank's operations following the resignation of its managing director and CEO, Sumant Kathpalia. The committee will function until a new CEO is appointed or for a maximum period of three months from Kathpalia's exit, whichever comes earlier.
According to a regulatory filing, RBI has formally authorized the bank to constitute this interim leadership panel. The committee will consist of two senior executives: Soumitra Sen, currently head – consumer banking and marketing, and Anil Rao, chief administrative officer. Their leadership will be under the oversight of a dedicated committee of the Board, chaired by the board chairman and including the heads of the audit, compensation and nomination & remuneration, and risk management committees.
Soumitra Sen, a Columbia business school alumnus with 33 years of experience, has been instrumental in building IndusInd's retail banking architecture since joining in 2008. Previously with Nestle, Bank of America, Deutsche Bank, ABN AMRO, and RBS, he has driven the bank's retail expansion and operational excellence.
His counterpart, Anil Rao, an IIT Delhi graduate with an MBA, also brings over three decades of industry experience. With a track record in banking technology transformation and service delivery, he has overseen major digital projects and operational reforms at the bank. His background includes roles at Bank of America, ABN AMRO, and RBS, where he led large-scale change initiatives.
"The Bank is taking all necessary steps to ensure stability and continuity of its operations while maintaining high standards of governance," the filing noted, underscoring the institution's transition amid leadership change.
