IndusInd Bank to expedite search for a new CEO

MUMBAI: With the abrupt resignation of IndusInd Bank CEO Sumant Kathpalia, the bank's board is expected to accelerate its search for a new chief executive. Several high-profile executives from across the banking sector are being considered, including Kaizad Bharucha from HDFC Bank, Sandeep Batra and Anup Bagchi from ICICI Bank, and Pralay Mondal of CSB Bank.

The Reserve Bank of India (RBI) may also look at senior officials from the State Bank of India (SBI) to step into the role.

ET had reported in March the IndusInd board has hired global executive search firm Egon Zehnder to assist in identifying candidates for both the CEO and deputy CEO roles. The firm is helping shortlist names and the bank plans to submit a list of three potential candidates to RBI once internal evaluations are complete.

Kaizad Bharucha (58), a veteran at HDFC Bank since 1995, currently oversees the bank's wholesale banking operations, including corporate banking, PSU relationships, and capital and commodities markets. Another potential candidate from HDFC Bank is Rahul Shukla (55), who heads the corporate lending division and is currently on sabbatical.

From ICICI Bank, Anup Bagchi (54), currently CEO of ICICI Prudential, is widely seen as a strong contender. Bagchi has held diverse leadership roles across retail, MSME, corporate banking, treasury, credit policy, and data analytics. Other ICICI executives in the mix include Sandeep Batra (58) - executive director, and Rakesh Jha (53) - head of retail banking.

The board may also consider external candidates such as Rajiv Sabharwal (58), managing director of Tata Capital and a former ICICI Bank executive known for his leadership in retail and business banking. Vishakha Mulye (56), also an ICICI alumna and now CEO of Aditya Birla Capital, is another name likely to be in contention.

Pralay Mondal (55), a seasoned retail banker and current CEO of CSB Bank, is also on the radar. Known for his tenure at HDFC Bank and for building Yes Bank's retail franchise from the ground up, Mondal brings deep retail banking experience to the table.

From SBI, RBI may look at Vinay Tonse (60), the bank's head of retail operations, as a possible candidate to lead IndusInd.

As reported by ET on March 13, RBI has directed IndusInd Bank's board to recommend at least two external candidates each for the roles of CEO and deputy CEO.

On March 7, RBI had approved only a one-year extension to Sumant Kathpalia's term, which was set to end in March 2025. T

This was the second time the regulator had shortened a proposed tenure, having previously approved only a two-year extension in 2023, despite the board's recommendation for three years.