The Reserve Bank of India (RBI) has granted IndusInd Bank permission to maintain its interim “committee of executives” until August 28 or until a new MD & CEO takes office. The committee which took over after Sumant Kathpalia resigned now leads the bank under the supervision of Sunil Mehta who chairs the board.
The bank operates without a full-time MD, deputy CEO, or CFO because of high-profile exits that followed accounting irregularities which resulted in a loss of nearly ₹2,000 crore. The committee consists of Soumitra Sen who leads consumer banking and Anil Rao who serves as chief administrative officer both of whom possess extensive global banking experience.
Zubin Mody who served as Chief Human Resources Officer at IndusInd Bank for two decades has now left the organization.
The RBI extended the executive committee’s mandate because the bank needs immediate stable leadership during its regulatory examination. The bank faces increasing demands to rebuild trust while it needs to find essential leadership positions quickly.
