Rajiv Anand New MD & CEO of IndusInd Bank

New Delhi, Aug 25 (PTI) IndusInd Bank on Monday said Rajiv Anand has taken charge as MD & CEO of the bank.

Earlier this month, the bank's board had approved the appointment of Anand for three years with effect from August 25, IndusInd Bank said in a regulatory filing.

On RBI's directions, the board had constituted a committee to oversee operations of the bank after a financial fraud came to light.

The bank's chairman, Sunil Mehta, said the board looks forward to working closely with Anand and the management team.

The oversight panel was formed after the then MD and CEO Sumant Kathpalia resigned on April 29 taking moral responsibility of accounting lapses in the derivatives portfolio, having financial implication of Rs 1,960 crore to the bank. The tenure of the committee was till July 28, 2025, which was later extended by a month.

In March, the private sector lender reported that the accounting lapses in the derivative portfolio was estimated to have an adverse impact of 2.35 per cent of the bank's net worth as of December 2024.