In a major leadership development in the Indian banking sector, IndusInd Bank has appointed Rajiv Anand, a seasoned banking professional and former Deputy Managing Director of Axis Bank, as its Chief Executive Officer and Managing Director for a period of three years. The appointment, effective from August 25, 2025, will run through August 24, 2028, the bank confirmed in a filing with the stock exchanges on Monday.
The Reserve Bank of India (RBI) has cleared Anand’s appointment, which marks the end of IndusInd Bank’s months-long search for a new full-time CEO following the resignation of Sumant Kathpalia in April this year. Kathpalia stepped down, taking moral responsibility for the derivatives accounting controversy that emerged under his leadership.
In 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. The leadership vacuum had sparked significant attention in the banking and investor community, with Anand emerging as the final choice among a shortlist that included Rahul Shukla and Anup Saha, as reported by The Economic Times.
A Chartered Accountant by profession, Rajiv Anand, aged 59, brings with him over 35 years of experience across asset management, retail banking, and wholesale banking. He began his journey with the Axis Group in 2009, where he served as the founding Managing Director of Axis Asset Management Company. In 2013, he transitioned to Axis Bank as President of Retail Banking and later took over the reins of Wholesale Banking in 2018. He retired from Axis Bank on August 3, 2025, upon the completion of his third term on the Board.
Industry experts believe Anand’s appointment comes at a crucial time for IndusInd Bank as it seeks to rebuild investor confidence, stabilize its operations, and accelerate growth following a turbulent few months. His deep understanding of both retail and corporate banking, combined with a strategic mindset and proven track record, positions him as a strong leader to steer the bank into its next phase of transformation.
The Board of IndusInd Bank has expressed confidence in Anand’s ability to provide strong, stable leadership and guide the institution towards sustained profitability and regulatory compliance in the evolving financial landscape.
