New Delhi, Aug 4 (PTI) IndusInd Bank on Monday announced the appointment of Rajiv Anand, former Deputy Managing Director of Axis Bank, as its new MD and CEO.

The board, basis approval of the Reserve Bank of India (RBI), have at its meeting held on August 4 approved the appointment of Rajiv Anand as 'Additional Director' in the category of Managing Director and CEO and Key Managerial Personnel of the bank for three years, IndusInd Bank said in a late evening regulatory filing.

The appointment is effective from August 25, 2025, up to August 24, 2028, subject to the approval of the shareholders of the bank, it said.

He would assume charge at a time when the bank is reeling under a slew of issues stemming from alleged irregularities of the top management in recognising bad loans and trading reverses.

Anand retired as deputy managing director of Axis Bank on August 3 upon completion of his third term as a director on the bank's board.

He joined Axis Asset Management Co. Ltd. in 2009 as its founding MD and CEO. In his next assignment, he was appointed president of retail banking at Axis Bank. Subsequently, he was inducted into the board of the Axis Bank and took over as the head of wholesale banking.

Last month, the RBI extended the tenure of the committee of executives of the bank for one month as IndusInd Bank expected the regulator's clearance for its new MD and CEO by that time.

The situation arose following the resignation of MD and CEO Sumant Kathpalia in the wake of accounting lapses costing Rs 1,960 crore to the lender in the 2024-25 fiscal year.

The private sector lender in March reported the accounting lapses in the derivative portfolio, estimated to have an adverse impact of approximately 2.35 per cent of the bank's net worth as of December 2024.

The original tenure of the Committee of Executives constituted on April 29 was till July 28, 2025. PTI DP RHL

Bank CEO appointment: regulator-approved designation of new MD and CEO for a multi-year term, pending shareholder confirmation. IndusInd Bank's board, with regulator approval, appointed Rajiv Anand as Additional Director designated Managing Director and CEO and Key Managerial Personnel for a multi year term, effective subject to shareholder confirmation, to replace the departing MD and CEO after reported accounting lapses; the regulator had earlier extended the interim Committee of Executives' tenure pending this appointment.