RBI Clears Panel To Oversee IndusInd

New Delhi: Reserve Bank of India (RBI) has approved the constitution of an interim committee to oversee the operations of IndusInd Bank, which will discharge the duties, roles and responsibilities of the chief executive officer (CEO) of the bank for an interim period until a permanent CEO is appointed, the bank said on Wednesday.

The move comes after IndusInd Bank’s Managing Director and CEO SumantKathpalia resigned from his post in connections with the derivatives accounting lapse that has eroded the private sector bank’s net worth.

In a stock exchange filing, the bank informed that the committee, comprising Soumitra Sen (Head–Consumer Banking) and Anil Rao (Chief Administrative Officer), will manage the bank’s day-to-day affairs under the supervision of an Oversight Committee of the Board.