The private sector lender Indusind Bank can take advantage of the deputy of the Axis Rajiv Anand Bank for the MD, the role of the CEO in the lender, after former CEO Adsant Kathpalia resigned his position in the moral responsibility of the founded discrepancies found.
“… Obviously, Rajiv would be one of the candidates. Whether he wants (to be the CEO) it depends on his discretion. The size of Indusind Bank, his brand, is very different from the axis. It comes from a background of mutual funds, it is a CA, and handles retail, older segments and understands quite well …” said a source.
Last month, Axis Bank informed the exchanges that Anand will retire from its publication from August 3 of this year. After his retirement, he will continually be an non -executive president or Axis Max’s life insurance, said the lender. After the announcement of his retirement, Anand published in X: “What a incredible career is bone! I am grateful for the opportunities I had over the years! Now let’s see what the future holds!”
“In the case of RBL Bank, Bandhan Bank and Yes Bank, the market expected a public sector banker to be designated as the Bank head. Things in Indusind Bank are differentiated. There is no fraud, it was an accounting problem,” said another source.
“This bank needs someone with a retail experience due to greater exposure to vehicle finances and micro loans. While there are media reports that float, including CSB Bank chief, Pralay Mondal, Shanti Ekambaram of Kotak Mahindital seems to be the most appropriate candidate for this work,” they said. The emails sent to Indusind Bank, Axis Bank, CSB Bank, Kotak Mahindra Bank and prudential icici Life Insurance did not get any formal response until the moment of publication.
Another senior official of a private bank said that anand has been talked about as the favorite candidate for the main work of the Indusind Bank for some period.
On April 29, Kathpalia resigned from the CEO post of Indusind Bank with immediate effect. “I want to present my resignation of the Bank’s services in relation to the discussion of current derivatives. I carry out moral responsibility, given the various acts of commission/ omission that have been presented to my notification,” said Kathpalia.
His resignation occurred one day after the Bank’s deputy CEO and Ed Arun Khurana renounce the bank, since it had a supervision on the trade of internal derivatives of the bank, where discrepancies were found.
Subsequently, the bank received the approval of the Bank of the Reserve of India (RBI) to appoint an Executive Committee to dispense the Bank’s CEO until a new CEO is designated. The discrepancies found in the portfolio derived from Indusind Bank could have an impact of around ₹ 2,000 million rupees on the bank’s balance.
Points:
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Rajiv Anand works as Axis Bank DMD, who will retire from the bank in August
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Pralay Mondal, Anup Bagchi and Rahul Shukla also probably
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The discrepancies found in the portfolio derived from Indusind Bank could have an impact of around ₹ 2,000 million rupees on the bank’s balance.
Posted on May 1, 2025
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