New Delhi
The Reserve Bank of India (RBI) has cleared a one-month extension for IndusInd Bank’s interim executive committee, allowing it to function until August 28, 2025, or until a new Managing Director and CEO is appointed—whichever comes first.
In an exchange filing, the bank said, “RBI, through a letter dated July 25, has approved the extension of the interim committee’s tenure from July 29 to August 28.”
The interim committee, formed after the departure of the bank’s previous MD and CEO, includes Anil Rao, Chief Administrative Officer, and Soumitra Sen, Head of Consumer Banking. It was first established on April 29 with a three-month term, which was set to expire on July 28. With this extension, the committee will continue to manage daily operations.
The bank confirmed that the executive committee will continue to function under the Board’s Oversight Committee, with no changes to the terms of its temporary leadership setup.
The extension provides leadership continuity as the bank works on appointing its new chief. Meanwhile, IndusInd Bank’s Board of Directors, led by the Hinduja family, recently approved raising ₹30,000 crore through a mix of debt and equity, including ₹20,000 crore via debt securities. Promoters have also been allowed to nominate two directors to the board.
These steps come as part of efforts to restore investor confidence, following the recent ₹2,000 crore accounting lapse that raised concerns over governance.
The extension ensures smooth operations while the bank searches for a long-term leadership solution.