Rajiv Anand takes over as CEO and MD of IndusInd Bank amid leadership shake-up

Rajiv Anand’s appointment, cleared earlier this month, comes at a critical time for the bank, which recently faced turbulence after disclosing a $230 million loss linked to years of misreported internal derivative transactions

Rajiv Anand, the veteran banker, has formally assumed charge as the Chief Executive Officer and Managing Director of IndusInd Bank, the lender announced in a regulatory filing on Monday.

Anand’s appointment, cleared earlier this month, comes at a critical time for the bank, which recently faced turbulence after disclosing a $230 million loss linked to years of misreported internal derivative transactions. The revelation had led to the exits of former CEO Sumant Kathpalia and deputy Arun Khurana in April.

Before joining IndusInd, Anand was associated with Axis Bank, where he rose through several leadership roles — starting as the founding MD & CEO of Axis Asset Management Co. Ltd. in 2009, moving on to head the lender’s retail banking franchise as President, and later joining the board to oversee wholesale banking operations. Most recently, he was the Deputy Managing Director at Axis Bank, completing three terms as a board director before stepping down earlier this month.

Armed with a commerce degree and a Chartered Accountancy qualification, Anand has more than three decades of experience in financial services across asset management, retail, and corporate banking.

Earlier this year, during the Q1 FY26 earnings call, IndusInd Bank Chairman Sunil Mehta had indicated that the institution was focusing on strengthening its leadership team by tapping into high-caliber talent from both within and outside the organisation. Reports had also suggested that Anand was among the front-runners for the top job once Axis Bank confirmed his retirement from the Deputy MD role on August 3.