IndusInd Bank Ltd. on Friday, July 25, said the Reserve Bank of India has granted its approval for extension of tenure of the oversight committee of the board for another month.The same will be with effect from July 29 to August 28 or until the new MD and CEO is appointed and assumes charge, whichever is earlier, the lender said in an exchange filing.
Earlier, the tenure of the committee of executives was to conclude on July 28, 2025.
Sumanth Kathpalia stepped down as the CEO of IndusInd Bank on April 29, in light of the derivative accounting discrepancies. Kathpalia, who assumed charge in March 2020, took “moral responsibility” of the developments, and stepped down just a day after Deputy CEO Arun Khurana resigned.The RBI then approved the IndusInd Bank board’s ‘committee of executives’, comprising Soumitra Sen and Anil Rao as members, to oversee operations of the lender, under the oversight committee of the board.

The same was to be for three months of relieving the incumbent managing director and CEO, which was April 29, or until the new MD and CEO of the bank assumed charge, whichever was earlier.

IndusInd Bank shares ended the previous session 2.6% lower at ₹825.5 apiece. The stock has declined 14.8% this year, so far.

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IndusInd Bank to appoint new MD & CEO by Aug 28 after RBI approves tenure extension of committee of executives

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