IndusInd Bank has named veteran banker Rajiv Anand as its new CEO, ending a leadership vacuum triggered by a major derivatives accounting scandal.

Anand’s appointment, approved for a three-year term from August 25, 2025 to August 24, 2028, comes after the bank went nearly four months without a full-time chief executive. His selection was confirmed following clearance from the Reserve Bank of India, which has final say on top-level banking appointments.

The post had been vacant since April, when former CEO Sumant Kathpalia resigned, taking moral responsibility for a ₹1,960-crore loss tied to misaccounted internal derivative trades. Since then, IndusInd had been run by a temporary executive committee including Soumitra Sen and Anil Rao.

Anand, 59, recently retired as deputy managing director of Axis Bank. He brings over 35 years of experience spanning asset management, retail, and wholesale banking. He joined the Axis Group in 2009 as the founding MD of its asset management arm, later moving to Axis Bank in 2013 to head retail banking and then leading wholesale banking from 2018.

He was selected from a shortlist that included Rahul Shukla and Anup Saha.

IndusInd Bank is currently under regulatory and market scrutiny after the discovery of misreported notional profits from early-terminated derivative contracts. The lapse distorted financial disclosures across multiple quarters, dealing a serious blow to the bank’s credibility and prompting a board-level shake-up.

Anand’s appointment signals an urgent course correction. His leadership is expected to focus on restoring confidence, tightening risk controls, and steering the bank through a period of heightened oversight.