IndusInd Bank CEO Sumant Kathpalia Resigns: IndusInd Bank Managing Director and CEO Sumant Kathpalia resigned from his post on Tuesday. This decision will be effective from 29 April. Kathpalia cited responsibility for the 2.27% net worth loss in the bank’s derivatives portfolio as the reason for his resignation.
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IndusInd Bank CEO Sumant Kathpalia Resigns
IndusInd Bank told the stock exchange that its Managing Director and IndusInd Bank CEO, Sumant Kathpalia resigned from the bank through his letter dated 29 April. His resignation is effective from the end of working hours on 29 April 2025.
IndusInd Bank CEO Sumant Kathpalia Resigns: What did Kathpalia say?
In his resignation letter to the bank’s board of directors, Kathpalia said, “I take moral responsibility as various acts of commission/omission have been brought to my notice. I request that my resignation be accepted at the end of working hours today.”
RBI had extended the Term by 1 Year
Earlier, RBI had extended Kathpalia’s term for just 1 year, while the bank had sought an extension of 3 years. Now the bank has requested RBI that a committee will take charge of the bank until a new CEO is selected.
According to information provided to, the board has sought approval from the Reserve Bank of India to form an ‘executive committee’ to perform the responsibilities of the bank’s Chief Executive Officer (CEO) for an interim period. This committee will look after the work until the bank appoints a permanent CEO.
Arun Khurana Resigned on Monday
Earlier, private sector Indusind Bank’s Deputy Chief Executive Officer Arun Khurana resigned. Khurana used to oversee the functioning of the bank’s ‘Treasury Front Office’, where direct contact is made with external clients and markets to execute transactions and manage risks.
On Monday, in his resignation letter sent to the bank’s board of directors, Khurana said, “Given the recent unfortunate developments, I resign with immediate effect.” He referred to the unfortunate developments in the losses suffered by the bank due to incorrect accounting of internal futures and options trades.
About Sumant Kathpalia
- Sumant Kathpalia is a seasoned banker with over 30 years of experience in the banking sector.
- Kathpalia has been part of the core leadership team of IndusInd Bank for the last 12 years.
- He is a Chartered Accountant and holds a B.Com (Hons) degree from Hindu College, University of Delhi.
- •Before IndusInd Bank, he had worked with leading multinational banks like Citibank, Bank of America and ABN Amro.
- The biggest impact of this has been on Indusind Bank and its investors. The bank’s stock has fallen by 56% over the last year. Analysts believe that the new findings raise concerns about the bank’s internal controls and compliance.
Jay Chavda He is the Founder and Writer of businesspulsecare.com. He is an I.T Engineer, Freelancer, Businessman. He posts Business, Stock/Share Market, Finance Related News and updates on the website. 🔗