Rajiv Anand Steps In as New MD & CEO of IndusInd Bank

IndusInd Bank, a major private bank in India, has named Rajiv Anand as its new Managing Director and Chief Executive Officer, starting August 25, 2025.

The bank shared the news in a stock exchange filing, signaling a fresh chapter for an institution grappling with recent challenges. Anand’s three-year term, approved by the Reserve Bank of India (RBI), runs until August 24, 2028, subject to shareholder approval. At 59, Anand brings a wealth of experience, with over 35 years in banking. He spent the last 16 years at Axis Bank, most recently as Deputy Managing Director until July 31, 2025.

During his time there, he led retail and wholesale banking and founded Axis Asset Management Co. as its first Managing Director. His selection followed a competitive process, beating out candidates like HDFC Bank’s Rahul Shukla and Bajaj Finance’s Anup Saha.

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IndusInd Bank has been under pressure after a major accounting issue involving derivative trades led to a Rs 1,960 crore loss. This scandal prompted the resignations of former CEO Sumant Kathpalia and Deputy CFO Arun Khurana in April 2025. The bank’s financial health took a hit, with a 72% drop in net profit to Rs 604 crore for the April-June 2025 quarter and bad loans rising to 3.64%. An ongoing insider trading probe by SEBI has further shaken confidence, with the bank’s stock falling 43% over the past year.

Anand’s job is to turn things around. His track record at Axis Bank, where he drove digital innovation and wholesale banking, has analysts optimistic. Jefferies called his appointment a “positive move” for IndusInd. The bank’s shares jumped nearly 6% to Rs 848.80 on August 5, showing investor support.

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Chairman Sunil Mehta said Anand’s experience will help rebuild trust and drive growth while keeping governance first. As IndusInd looks to reset for the new financial year, Anand faces the challenge of restoring the bank’s reputation and steering it back to stability.