IndusInd Bank MD & CEO resigns

2nd top-level resignation

- DIPAK MONDAL @ New Delhi

IN a major development, Sumant Kathpalia, managing director & CEO of crisis-hit IndusInd Bank quit from his position on Tuesday. In his resignation letter submitted to the board, Kathpalia took the moral responsibility for the derivative losses incurred by the bank.

Kathpalia, who was given only an extension of one year by the regulator instead of three after the crisis came to light, ceases to be MD and CEO of the bank from the closing hours of Tuesday. Kathpalia had been part of the core leadership team and joined the bank 12 years ago. His resignation comes a day after Arun Khurana, whole-time director and deputy CEO stepped down from his position. Kathpalia had admitted in analysts' call that RBI was uncomfortable with his leadership skills.