IndusInd Bank shortlists 3 names for top job ahead of RBI deadline

The troubled Indusind Bank, which has been headless since late April when the scam-tainted chief executive Sumant Kathpalia and his deputy Arun Khurana resigned owning moral responsibility for the massive losses in its forex derivatives trading book, has reportedly shortlisted three names--Rajiv Anand of Axis Bank, Anup Saha of Bajaj Finance, and Rahul Shukla of HDFC Bank--to man the top deck.

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While Rajiv Anand is currently the deputy managing director of Axis Bank, Anup Saha is the managing director of Bajaj Finance, and Rahul Shukla is the group head of commercial and rural banking at HDFC Bank and is on a sabbatical from the largest private sector bank. While Sumant Kathpalia resigned on April 29, his deputy Arun Khurana did so a day before. Both had cited moral responsibility for the scam for the decisions to leave, which came in well after seven weeks since the crisis came out. Both have also been banned by the market regulator from the market for insider trading—they had pocketed over Rs 157 crore from selling bank’s shares in 2023-24.