2 days ago
Shares of Indusind Bank Ltd ended at ₹936.80, down by ₹34.25, or 3.53%, on the BSE.
Private sector lender Indusind Bank Ltd on Friday (March 7) said the Reserve Bank of India (RBI) has approved the reappointment of Sumant Kathpalia as the Managing Director and CEO of the bank for another year, effective from March 24, 2025, to March 23, 2026.
"Further to our letter dated September 27, 2024, we hereby inform that the Reserve Bank of India vide its letter dated March 6, 2025 has conveyed its approval for re-appointment of Sumant Kathpalia (DIN: 01054434) as Managing Director & CEO of the Bank for a further period of one year with effect from March 24, 2025 till March 23, 2026," Indusind Bank said in a regulatory filing.
The approval follows IndusInd Bank’s earlier communication on September 27, 2024, regarding the proposal for his tenure extension. The reappointment remains subject to shareholder approval.
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Kathpalia is a career banker with over 37 years of rich experience in large multi-national banks such as Citibank, Bank of America and ABN AMRO prior to joining Induslnd Bank. At IndusInd Bank, Kathpalia has been part of the core leadership team and joined the Bank 17 years ago and has been pivotal in turning the Bank around.
He was responsible for the Bank's overall business strategy & execution, financial management, managing investor relations, mergers & acquisitions, evaluation of inorganic growth opportunities, digitization, compliance and governance.
As managing director and CEO of IndusInd Bank (March 24, 2020 - Current), Kathpalia led the core executive team of the bank, which successfully affected the bank's business turnaround.
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Throughout his stint as the Managing Director and CEO of the bank, Kathpalia has put a thrust on strengthening the balance sheet, fortifying the liability franchise with the retailization of deposits, diversifying and building new domain expertise areas, maintaining healthy capital adequacy, and ensuring business growth and profitability, digitisation and enhancing investor confidence.
Shares of Indusind Bank Ltd ended at ₹936.80, down by ₹34.25, or 3.53%, on the BSE.
First Published:
Mar 7, 2025 4:02 PM
IST
