IndusInd Bank has officially appointed Rajiv Anand as its new Managing Director and Chief Executive Officer (MD & CEO) for a three-year term, beginning August 25, 2025. The appointment follows approval from the Reserve Bank of India (RBI) and was confirmed through a regulatory filing made by the bank.
The bank's board approved Anand’s appointment during a meeting held on August 4, and it will now be subject to approval by shareholders. In its stock exchange disclosure, the bank noted:
“The board has approved the appointment of Mr. Rajiv Anand as Additional Director in the category of Managing Director & CEO and Key Managerial Personnel of the bank.”
Rajiv Anand brings with him over two decades of leadership experience in the Indian banking and financial services sector. Most recently, he served as the Deputy Managing Director of Axis Bank, a role he stepped down from on August 3, 2025, after completing his third term.
Anand started his journey in financial services with Axis Asset Management Company in 2009, where he was the founding MD & CEO. He later moved to Axis Bank, where he headed the retail banking division before joining the bank's board as an executive leader.
IndusInd Bank shortlisted three candidates for the top role, according to a report by Reuters. Apart from Rajiv Anand, the other contenders were Rahul Shukla and Anup Saha.
Anand’s appointment comes at a crucial time for IndusInd Bank, which has been reeling from an internal crisis. Earlier in 2025, the bank disclosed a significant ₹1,960 crore ($230 million) loss stemming from years of misaccounting within its internal derivatives book.
This financial setback led to the resignation of former MD & CEO Sumant Kathpalia and Deputy CEO Arun Khurana in April 2025. Since then, an interim management committee has overseen operations, with its term extended till July 28, 2025, pending RBI’s final nod on the new leadership.
The losses, revealed in March 2025, impacted around 2.35% of the bank’s net worth as of December 2024. It also raised serious concerns around internal controls, governance, and transparency, prompting regulatory scrutiny and investor unease.
Despite the turmoil, IndusInd Bank has shown signs of recovery. In its latest earnings report for Q1FY26 (April–June 2025), the bank posted a net profit of ₹604 crore, marking a return to black after reporting its highest-ever quarterly loss in the previous quarter.
In Q4FY25, the bank had posted a staggering net loss of ₹2,328.87 crore, following the derivative book losses. In comparison, the Q1FY26 performance indicates operational stability and improved investor confidence.
Key performance highlights for Q1FY26:
Net Interest Income (NII): ₹4,640 crore
Net Interest Margin (NIM): 3.46%, down from 4.25% in Q1FY25
While margins have compressed year-on-year, the profit turnaround and steady NII indicate improving fundamentals.
Rajiv Anand steps into the top role during a period of transformation and reputational rebuilding for IndusInd Bank. His leadership is expected to bring:
Stronger risk governance and internal audit frameworks
Focused retail and corporate banking strategy
Increased digital innovation and customer-centric growth
Industry watchers believe Anand’s vast experience at Axis Bank, where he successfully led multiple verticals, makes him well-positioned to navigate IndusInd through its current challenges and future opportunities.