IndusInd Bank shortlists three candidates for CEO and MD position ahead of RBI deadline

Synopsis

IndusInd Bank's board has shortlisted Rajiv Anand, Rahul Shukla, and Anup Saha for the CEO role, aiming to meet the RBI's June 30 deadline. The bank has been operating without a full-time CEO since Sumant Kathpalia's resignation. Rajiv Anand is considered the frontrunner, bringing extensive experience from Axis Bank.

Mumbai: The board of IndusInd Bank has shortlisted three candidates for the role of managing director and chief executive officer - Rajiv Anand, deputy managing director at Axis Bank; Rahul Shukla, group head of commercial and rural banking at HDFC Bank; and Anup Saha, managing director of Bajaj Finance.

With the Reserve Bank of India's June 30 deadline nearing, the board is unlikely to consider more contenders, people aware of the development said. The RBI had asked the board to submit three names by the end of this month.

IndusInd Bank chairman Sunil Mehta had earlier told analysts that the recommendations would be submitted "well ahead of the deadline."

IndusInd Bank and the contenders named did not comment on emailed queries.

IndusInd Bank has been without a full-time CEO since Sumant Kathpalia resigned at the end of April, taking moral responsibility for the derivatives accounting controversy. In the interim, the bank is being managed by a committee of senior executives including Soumitra Sen, head of consumer banking, and Anil Rao, chief administrative officer.

Rajiv Anand, who is set to retire from Axis Bank in August, is seen as the frontrunner for the role, people cited above said.

Anand, 59, is a chartered accountant with over 35 years of experience across asset management, retail banking, and wholesale banking. He joined Axis Group in 2009 as founding managing director of Axis Asset Management Co. In 2013, he transitioned to Axis Bank as president of retail banking and later assumed leadership of its wholesale banking division in 2018.

Rahul Shukla (55), currently on sabbatical, heads the corporate lending business at HDFC Bank.

Anup Saha, the recently appointed MD of Bajaj Finance, brings over 25 years of experience across mortgages, credit cards, auto loans, and structured finance.

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