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Business Standard
|March 21, 2025
IndusInd Bank events raise questions
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Over the past fortnight, developments at IndusInd Bank have raised several questions regarding internal management and regulatory oversight. First, the bank informed the stock exchanges that the Reserve Bank of India (RBI) had approved the reappointment of its managing director (MD) and chief executive officer (CEO) Sumant Kathpalia only for a year. This was against the bank board's approval of a three-year term. Interestingly, this was not the first time that the regulator approved a tenure that was shorter than what the board of the bank asked for. The RBI had earlier given a two-year reappointment against the board's approval of three years. However, this was just the beginning. The bank later informed the stock exchanges about discrepancies in the accounting of derivatives, which, according to an internal review, amounted to 2.35 per cent of its net worth. The bank will need to provide about ₹1,600 crore.
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