IndusInd Bank announced elevation of its consumer banking head Sumant Kathpalia as the new managing director and chief executive with effect from March 2020.
As previously advised to the exchanges, the bank's Nomination and Remuneration Committee and the board had considered and submitted the name of a potential candidate for the role of MD and CEO to the Reserve Bank of India (RBI), seeking approval for the appointment, it said in a release.
"The Bank has received a communication from the RBI today, approving the appointment of Sumant Kathpalia, who currently heads the Bank's Consumer Banking business, as the MD & CEO for 3 years, with effect from March 24, 2020, post the retirement of Romesh Sobti, the current MD & CEO," it said.
Kathpalia is a career banker with over 33 years of experience in large multinational banks such as Citibank, Bank of America, ABN AMRO and IndusInd Bank.
He has successfully held several leadership roles over his career with a focus on driving business growth and innovation. He has diversified experience across various functions including business strategy, sales and distribution, operations, systems, risk and credit management and financial management.
Kathpalia is a qualified Chartered Accountant and a commerce graduate from Hindu College, Delhi University.
The private sector bank promoted by the Hinduja group commenced operations in 1994.
As on December 31, 2019, Induslnd Bank had 1,851 branches/ banking outlets and 2,721 ATMs spread across 746 geographical locations of the country. The bank also has representative offices in London, Dubai and Abu Dhabi.