The Reserve Bank of India (RBI) has extended the tenure of the oversight committee of IndusInd Bank by one month as the lender looks to find new MD and CEO following the resignation of incumbent Sumant Kathpalia.
The tenure of the committee is now till August 28, 2025.
The panel was formed after Kathpalia resigned on April 29, taking moral responsibility of accounting lapses in the derivatives portfolio, having financial implication of ₹1,960 crore to the bank.
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“We now wish to inform that the RBI vide its letter dated July 25, 2025, has granted its approval for extension of tenure of the Committee of Executives for a further period of one month, with effect from July 29, 2025 up to August 28, 2025 or until the new MD and CEO is appointed and assumes charge, whichever is earlier,” IndusInd Bank said in a regulatory filing on Friday.
With approval from the RBI, the bank had constituted the committee comprising Soumitra Sen (Head – Consumer Banking) and Anil Rao (Chief Administrative Officer) as its members to oversee the operations of the bank till a new MD and CEO assumes charge or for a period of three months from April 29, 2025.
In March, the private sector lender reported that the accounting lapses in the derivative portfolio were estimated to have an adverse impact of 2.35 per cent of the bank's net worth as of December 2024.
Meanwhile, the bank filed a separate regulatory saying the Chief Human Resources Officer, Zubin Mody, has resigned to pursue new opportunities elsewhere.
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