RBI Extends IndusInd Bank Executive Panel Tenure Till August 28

The Reserve Bank of India has approved an extension of IndusInd Bank’s committee of executives till August 28, the lender said in a late Friday exchange filing. The panel, set up on April 29, was initially appointed for a three-month period ending July 28.

The committee comprises Soumitra Sen, head of consumer banking, and Anil Rao, chief administrative officer, and will continue to oversee operations until a new chief executive is appointed.

The leadership vacuum follows a series of senior-level exits at IndusInd Bank, including that of CEO Sumant Kathpalia and deputy CEO Arun Khurana, after it reported irregularities in its derivatives accounting and microfinance loan portfolio in 2024-25. The bank has described the microfinance irregularities as fraud committed against it.

In the March quarter, the lender posted a net loss of ₹22.36 billion due to the clean-up. It said all discrepancies had been accounted for in its January-March and 2024-25 results.