Mumbai: Reserve Bank of India (RBI) has approved the reappointment of Sumant Kathpalia as MD and CEO of Indusind Bank for a year, rather than the three -year term recommended by the bank’s board. This is the second time that the supervisor has shortened his term of office of what was initially proposed by the bank’s board.
In a submission of stock exchanges to shares on Friday, Indusind Bank said that RBI approved the reappointment of Kathpalia for an extra year, from 24 March 2025 to 23 March 2026. In September 2022, the Bank Council had approved its re -evaluation for three years, with effect from March 24, 2023, but RBI sanction only a two -time term. In September 2024, the board again sought an extension of three years, from March 24, 2025 to March 23, 2028, but RBI has now only approved an extension of one year.
Kathpalia, who has more than 37 years of experience, took the lead as MD and CEO on March 24, 2020. Before he came to Indusind Bank 17 years ago, he worked at Citibank, Bank of America and ABN Amro.
Under his leadership, Indusind Bank has focused on strengthening its balance, expanding its deposit basis, diversifying its portfolio, maintaining capital -and stimulating digital transformation. He has also worked on improving investor confidence and administrative frameworks.
“Kathpalia has led the most important executive team of the bank, which supervised his turning and focuses on business growth, profitability, digitization and compliance,” the bank said in its submission.
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