Private sector lender IndusInd Bank on Wednesday said that it is at an advanced stage in the process of identifying potential CEO candidates and will submit its recommendation to the Reserve Bank of India ahead of the June 30 deadline.
In a regulatory filing, the Bank said, “The RBI has advised the Bank to submit proposals for appointment of the new CEO for RBI’s approval by 30th June 2025. The Board is at an advanced stage in the selection process and is confident that recommendations will be submitted to the RBI well in advance of the timeline. This will provide strong leadership and management stability at the Bank.”
In the interim, the RBI had allowed the board of directors of IndusInd Bank to constitute a Committee of Executives (CoE), with members having over 30 years of experience individually, to oversee the operations of the Bank under the guidance of an Oversight Committee of the Board. This had come in wake of the resignation of managing director and chief executive officer Sumant Kathpalia on April 29 amid the ongoing controversy related to accounting/ financial discrepancies at the Bank.
Meanwhile, Soumitra Sen and Anil Rao, the members of the Committee of Executives, IndusInd Bank, said, “We are thankful to the Board for their continued guidance and direction, all the employees who have ensured smooth customer service in current times, the regulators as well as shareholders in helping the franchise and we look forward to their continued support.”
Today, IndusInd Bank also released its fiscal fourth quarter earnings report wherein it posted a loss of Rs 2,328.92 crore in comparison to a profit of Rs 2,349.08 crore recorded during the corresponding quarter of FY24. The net interest income (NII) for the quarter came in at Rs 3,048.3 crore.