IndusInd Bank gets RBI nod for reappointing Sumant Kathpalia as MD & CEO

IndusInd Bank

The Reserve Bank of India (RBI) has confirmed Sumant Kathpalia’s re-appointment as Managing Director and Chief Executive Officer (MD & CEO) of IndusInd Bank for a two-year term beginning March 24, 2023.

On September 15 2022, Kathpalia was reappointed as MD & CEO of IndusInd Bank by the board of directors, with effect from March 24, 2023.

Sumant Kathpalia is a career banker who previously worked for huge multi-national banks including Citibank, Bank of America, and ABN AMRO before joining IndusInd Bank. In his 30-year career, Kathpalia has played a variety of characters.

He was a member of the management team that joined IndusInd Bank 15 years ago and was instrumental in turning the bank around. He was a major member of the top-level executive committee responsible for bank-wide financial management, investor relations management, and analysing inorganic development options.

In his previous capacity as Head of Consumer Bank at IndusInd Bank, Kathpalia was important in establishing various new companies from the ground up to meet the demands of the individual and SME segments.

IndusInd Bank serves both retail and corporate customers. The bank’s distribution network comprises 2,384 branches/banking outlets and 2,894 onsite and offshore ATMs as of December 31, 2022. As of December 31, 2022, the client base stood at 33 million.

In Q3 FY23, the bank’s standalone net profit increased by 68.71% to Rs 1,959.20 crore on a 19.96% increase in total revenues to Rs 11,533.74 crore compared to Q3 FY22.

On Friday, March 10, 2023, shares of IndusInd Bank fell 2.06% to Rs 1,145.50.

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