“Who Was Watching?”: IndusInd Case Sparks Fresh Questions on Board Oversight

Author

Ranjana Chauhan

Author

Manoj Rane

May 29, 2025 at 3:26 PM IST

In a candid conversation with Ranjana Chauhan, Manoj Rane, who has headed global markets businesses at  Indian and multinational banks, unpacks recent market dynamics: the rupee’s rebound, cautious equity recovery, and the RBI’s dovish pivot under new Governor Sanjay Malhotra.
 
But it’s his sharp take on the IndusInd episode that stands out. Rane, who headed IndusInd Bank’s rupee-treasury for six years from its inception, makes no bones about the need for competence and understanding in the boardroom:
 
“Every such crisis is a chance to ask - who, on the board, truly understands what's happening in the dealing room?”
 
In this interview with BasisPoint Insight, Rane urges regulators and boards to strengthen oversight, especially in complex risk areas like derivatives and FX, to prevent history from repeating itself.