IndusInd Bank has appointed veteran banker Rajiv Anand as the new Managing Director and Chief Executive Officer (MD & CEO) for a three-year term starting August 25, 2025.
The announcement came after getting the approval from the Reserve Bank of India (RBI). In its regulatory filing the company highlights that the decision was taken at a board meeting held on August 4 and the appointment is subject to shareholder approval.
“The board has approved the appointment of Mr. Rajiv Anand as Additional Director in the category of Managing Director & CEO and Key Managerial Personnel of the bank.”,” IndusInd Bank said in its stock exchange filing.
Who is Rajiv Anand? A veteran from Axis Bank to IndusInd Bank
Anand recently completed his third term as Deputy Managing Director at Axis Bank, stepping down on August 3.
Over the years, he has held several leadership roles. He began his career with Axis Asset Management Company in 2009 as its founding MD & CEO. Later, he served as President of Retail Banking at Axis Bank before being inducted onto the bank’s board.
He was one of three candidates shortlisted by IndusInd Bank’s board, according to a Reuters report. The other contenders were Rahul Shukla and Anup Saha.
Leadership change amid Rs 1,960 crore crisis
Anand’s appointment comes at a challenging time, as the bank reported a Rs 1,960 crore ($230 million) hit earlier this year due to years of misaccounting in its internal derivatives book.
The issue led to the resignation of former MD & CEO Sumant Kathpalia and Deputy CEO Arun Khurana in April. In the interim, a committee of executives has been managing the bank’s affairs, with its tenure extended until July 28 as the RBI considered Anand’s appointment.
The losses, disclosed in March 2025, were estimated to have impacted about 2.35 per cent of the bank’s net worth as of December 2024. The bank’s credibility took a hit, with concerns raised over internal controls and transparency.
IndusInd Bank Back in the black after record loss
Despite the setbacks, IndusInd Bank recently reported a return to profitability in the April–June quarter (Q1FY26), after posting its biggest-ever quarterly loss earlier. The bank reported a net profit of Rs 604 crore, compared to a loss of Rs 2,328.87 crore in the previous quarter. Its Net Interest Income (NII) stood at Rs 4,640 crore, while the Net Interest Margin (NIM) came in at 3.46 per cent for Q1FY26, down from 4.25 per cent in Q1FY25.