IndusInd Bank Sends Three-Name CEO Shortlist to RBI After $230 Million Loss

IndusInd Bank has submitted a three-person shortlist for its vacant chief executive post to the Reserve Bank of India, according to people with knowledge of the matter. The candidates are Rajiv Anand, deputy managing director at Axis Bank; Rahul Shukla, a former HDFC Bank group head currently on sabbatical; and Anup Saha, managing director at Bajaj Finance. The private lender has proposed a three-year term and placed Anand at the top of the list, the sources said. The search follows a US$230 million loss reported for the year ended 31 March that stemmed from years of mis-accounted internal derivative trades. The disclosure prompted the April resignations of chief executive Sumant Kathpalia and deputy CEO Arun Khurana. IndusInd Bank shares were about 0.6 percent higher in Monday trading but remain roughly 10 percent lower for 2025. In a separate move elsewhere in India’s banking sector, Jammu & Kashmir Bank has appointed Ketan Kumar Joshi as chief financial officer for a three-year term, replacing Fayaz Ahmad Ganai. Joshi brings more than two decades of experience, including a recent stint as CFO of North East Small Finance Bank.