IndusInd Bank MD and CEO Rajiv Anand | Photo credit:
Private sector lender IndusInd Bank is on a CXO hiring spree as its new MD and CEO Rajiv Anand looks to build a new, clean leadership team following the departure of former MD and CEO Sumant Kathpalia and former deputy CEO Arun Khuranna, following the ₹2,000 crore accounting discrepancies fiasco.
“During the quarter, we saw Viral, our new CFO, join; our new head of internal audit Pragati, our new legal counsel Anand Vardhan, and our new head of business transformation Pankaj Sharma joined. And they’ve been at the bank for everything between, let’s say, 15-20 days to about 30-40 days,” Anand said on October 18. He said the lender will hire a new CEO for its micro-lending vertical BFIL by the end of November.
According to sources, the lender is in the process of recruiting new heads for both corporate and private lending sectors; a Chief Information Officer (CIO); Chief Digital Officer (CDO); head of HR; and head of the Global Markets and Treasury department, among others.
“The bank is looking to hire key officers in the retail, wholesale and treasury units following the departure of former officers who had to leave following the derivatives portfolio incident. Rajiv wants to build a leadership team with a clean slate for efficiency in the core businesses,” a source aware of the development said, adding that the new hires will be appointed at the level of Senior Executive Vice-President and Executive Vice-President.
Churn rate
In addition to hiring senior managers, the bank currently has more than 10,000 vacancies at junior, mid and mid-to-senior levels, according to its website. IndusInd Bank’s attrition rate was 29 percent in FY25, compared to 37 percent in FY24. END
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Published on November 2, 2025
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