IndusInd Bank, one of India’s leading private lenders, has appointed banking sector veteran Rajiv Anand as its new managing director (MD) and chief executive officer (CEO). Anand officially takes charge on August 25, 2025, marking a turning point for the bank after recent financial mis-accounting controversies dented investor confidence.
Rajiv Anand’s appointment: A step towards stability
The board of IndusInd Bank announced Anand’s appointment earlier this month and approved his appointment as an additional director in the MD and CEO category for a three-year term ending on August 24, 2028. The Reserve Bank of India (RBI) has also approved the appointment, which is mandatory for top executive positions in the banking sector.
Anand’s arrival comes at a crucial juncture, as the bank has been without a full-time CEO since the resignation of Sumant Kathpalia. Kathpalia stepped down taking moral responsibility for the bank’s derivative accounting issues, which led IndusInd Bank to post a loss of $230 million in FY25.
Analysts believe Anand’s experience and stable leadership can help restore investor confidence and help the bank overcome its current challenges.
Who is Rajiv Anand?
Rajiv Anand, 59, possesses over 35 years of comprehensive experience in banking and finance, covering retail banking, wholesale banking, and asset management. A qualified Chartered Accountant (CA), he has held numerous senior leadership roles across India’s banking industry:
- 2009: Joined Axis Group as founding MD of Axis Asset Management Company.
- In 2013, he was appointed as the President of Retail Banking at Axis Bank.
- 2018: Took charge of Axis Bank’s wholesale banking division.
- Most recently: Worked as deputy managing director at Axis Bank, where he played a key role in digital transformation and wholesale strategy.
Anand is widely respected for his long-term vision, financial prudence and steady leadership, qualities that IndusInd Bank will rely on to recover from its recent setbacks.
IndusInd Bank: Challenges and Opportunities
IndusInd Bank’s accounting irregularities, particularly in internal derivatives trades, have raised deep concerns among investors and regulators. The bank’s top leadership, including the former CEO and deputy CEO, resigned to take accountability for the financial misstatements.
Under Anand’s leadership, market observers expect the bank to:
- Restore investor confidence through transparent governance.
- Strengthen risk management framework to prevent future anomalies.
- Boost expansion across both retail and wholesale banking sectors.
- Leverage digital transformation to enhance customer experience and operational efficiency.
Since the announcement of Anand’s appointment, IndusInd Bank shares have gained nearly 6%, reflecting the market’s positive sentiment towards the leadership change.
Market analysts’ view
Experts believe that Rajiv Anand’s leadership is timely for IndusInd Bank, especially at a time when the bank is on the road to recovery after the crisis. His proven track record in risk management, asset growth and wholesale banking can stabilize the bank and strengthen the confidence of stakeholders.
A leading banking analyst said, “Anand brings a confluence of experience and credibility that the bank urgently needs. His approach can help regain trust and drive sustainable growth.”
Overview
Rajiv Anand’s appointment as MD and CEO of IndusInd Bank signals a new beginning for the bank. As an experienced banking professional with a strong background in both retail and wholesale banking, he is expected to steer IndusInd Bank towards transparency, stability and long-term growth.
With a three-year term until 2028, all eyes will be on Anand to implement strong governance measures and ensure the bank recovers from its recent accounting controversies.