IndusInd Bank has named Rajiv Anand, a seasoned banking executive and former Deputy Managing Director of Axis Bank, as its new Chief Executive Officer. The appointment, confirmed by the Reserve Bank of India (RBI), will be effective from August 25, 2025, for a three-year term. Anand’s entry comes at a pivotal time for the bank, which has been grappling with the aftermath of a major accounting scandal tied to misreported derivatives.
The CEO position had remained vacant since April 2025, when Sumant Kathpalia resigned after disclosing a ₹1,960-crore loss related to internal derivative trades. Anand’s arrival is seen as a critical move to stabilize leadership and rebuild credibility.
Anand’s Career: From Asset Management to Axis Bank Leadership
With over 35 years of experience in financial services, Rajiv Anand brings deep expertise across asset management, retail banking, and corporate lending. He began his journey with the Axis Group in 2009, initially as the founding Managing Director of Axis Asset Management. In 2013, he transitioned to Axis Bank to lead the retail banking division, eventually moving into wholesale banking leadership in 2018.
Rajiv Anand most recently served as Axis Bank’s Deputy Managing Director before retiring earlier this year. His industry reputation and regulatory track record were key factors in his selection from a shortlist that also included Rahul Shukla and Anup Saha.
Bank in Crisis: Derivatives Misstep Shakes Market Confidence
IndusInd Bank has faced intense scrutiny in recent months after revelations that it had misaccounted for notional gains from early-terminated derivative contracts. The inflated figures impacted quarterly disclosures, triggering regulatory concern and investor backlash. The scandal led to a board-level shake-up and prompted closer monitoring from the RBI.
During the leadership vacuum, the bank was temporarily overseen by a management committee including senior executives Soumitra Sen and Anil Rao. However, the lack of a permanent CEO raised concerns over strategic clarity and regulatory compliance.
Looking Ahead: Focus on Risk Controls and Rebuilding Trust
Rajiv Anand’s appointment is widely viewed as a corrective measure aimed at restoring institutional trust and reinforcing risk governance. Industry observers expect him to prioritize transparency, operational discipline, and compliance as he takes charge of the crisis-hit bank.
While the long-term financial impact of the derivatives episode is still unfolding, analysts believe Anand’s extensive banking experience and regulatory familiarity position him well to lead the turnaround. With regulatory oversight expected to remain tight, his leadership will likely focus on damage control and strategic realignment.
IndusInd Bank’s next financial disclosure, scheduled for later this quarter, is anticipated to reflect revised accounting standards and updated risk frameworks.
The appointment of Rajiv Anand as IndusInd Bank’s CEO signals a decisive step toward stabilizing the bank’s governance and rebuilding market confidence. As the institution works to recover from a significant reputational and financial setback, all eyes will be on Anand’s leadership in steering it through this turbulent phase.
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