IndusInd Bank has appointed Pragati Gondhalekar as the head of Internal Audit of the lender, a company filing said on September 1, a step that will be seen as a measure to enhance banks' oversight on internal operations.
Share of IndusInd Bank are quiet in the trading session, after a 22 percent fall on YTD basis, and a 48 percent drop over the last one year.
This comes following the appointment of Rajiv Anand as the managing director and chief executive officer of the bank. The lender has faced a series of exits at senior level since April this year, including CEO Sumant Kathpalia, after discrepancies in derivatives accounting and MFI books were reported. The irregularities in the microfinance book were reported as fraud committed against the bank.
Prior to joining IndusInd Bank, Pragati Gondhalekar was the country head – group audit, India at Deutsche Bank. She has also held leadership roles at L&T Financial, PwC, among others.
The bank's net profit fell by 68% on-year during the June quarter, weighed down by a sharp rise in provisions.
The lender has been focusing on rebuilding the senior leadership team after the recent setbacks on the accounting crisis, and the subsequent regulatory glare. "...wherever there were any open gaps, we are looking at both internal and external candidates and sort of filling that up. And I think all the building blocks from a management leadership team are being looked at very closely. And we are hopeful that a lot of these positions will get filled up in due course," chairman Sunil Mehta had told analysts during the June quarter earnings call.
"I feel that whatever we have witnessed over the last 3 to 4 months, it should have never happened. But since it did happen, we have learnt a lot of lessons from the same. We are making good progress in addressing all those issues of the past and certainly looking forward in building the Bank of the future," Mehta had said at the analyst call in July.
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