India’s IndusInd Bank sends CEO shortlist to central bank for approval, sources say

By Siddhi Nayak

MUMBAI (Reuters) -India’s IndusInd Bank has shortlisted three senior bankers – Rajiv Anand, Rahul Shukla, and Anup Saha – for the position of CEO and submitted their names to the central bank for approval, two sources told Reuters.

IndusInd Bank took a $230 million hit in the year ended March 31 due to years of misaccounting of internal derivative trades, prompting the resignations of CEO Sumant Kathpalia and deputy Arun Khurana in April.

The Reserve Bank of India (RBI), which has the final say in top appointments at banks, had asked for names of potential replacements by June 30.

The board has suggested a three-year term for the chief executive, one of the sources said.

The sources declined to be identified as they were not authorised to speak with the media.

IndusInd Bank, RBI and Saha did not reply to a Reuters email seeking comment. Anand and Shukla did not reply to WhatsApp messages.

Anand, a veteran banker, is currently the deputy managing director at private lender Axis Bank, and has held key management positions at leading global financial institutions.

Shukla, who is currently on sabbatical, is group head at India’s biggest private lender HDFC Bank, with over 30 years of work experience.

Saha is the managing director of Indian non-bank lender Bajaj Finance and has served for 25 years in the financial services industry.

“Rajiv Anand’s name has been given as first priority by the board, given his reputation and the experience he brings to the table,” one of the sources said.

Shares of IndusInd Bank were trading 0.6% higher on Monday and are down 10% so far in 2025.

(Reporting by Siddhi Nayak; Editing by Saad Sayeed)