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IndusInd MD & CEO Kathpalia Resigns
Business Standard
|April 30, 2025
Bank seeks RBI nod for panel to discharge CEO duties
Sumant Kathpalia, managing director and chief executive officer (MD & CEO) of IndusInd Bank, resigned on Tuesday with immediate effect, citing "moral responsibility" for "various acts of commission/omission" following accounting lapses that resulted in a loss of nearly ₹2,000 crore.
His departure follows the submission of a report by Grant Thornton, the firm appointed by the bank to investigate the root cause of the discrepancies in the derivatives portfolio and examine the roles and actions of key employees. On Monday, deputy CEO Arun Khurana had also resigned in connection with the same accounting issues.
In his resignation letter, Kathpalia stated: "I wish to submit my resignation from the services of the bank in relation to the ongoing derivatives discussion. I undertake moral responsibility, given the various acts of commission/omission that have been brought to my notice."
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