sumant kathpalia

Mumbai: IndusInd Bank has entered into an agreement with Deutsche Bank to buy its credit card business in India...

The Reserve Bank of India (RBI) has approved the reappointment of sumant kathpalia as MD & CEO of IndusInd Bank for two years from March 24.

IndusInd Bank MD and CEO sumant kathpalia is planning to sell some of his shares in the private sector lender to settle loans and vesting of upcoming ESOP, the bank said on Wednesday.

The Reserve Bank of India approved a one-year reappointment of sumant kathpalia as MD and CEO of IndusInd Bank, effective March 2025, reducing the tenure initially proposed by the board. Kathpalia, with 37 years of experience, has led initiatives in balance sheet strengthening, digital transformation, and governance improvements.

IndusInd Bank on Saturday reported a net profit of 1161 crore for the quarter ended December 2021 – an increase of 36% over 852 crore over the corresponding quarter last year. The bank’s consolidated net profit grew 50% from 830 crores in Q3FY21 to 1,242 crores in Q3FY22.

The Reserve Bank of India (RBI) has cleared the appointment of sumant kathpalia as the MD & CEO of IndusInd Bank. As a result, Kathpalia will succeed Romesh Sobti who retires next month.

IndusInd Bank on Wednesday reported a 57 per cent jump in its September quarter net profit at Rs 1,805 crore, helped by a reduction in money set aside as provisions for potentially sour loans.

IndusInd Bank's CEO, sumant kathpalia, resigned immediately, accepting responsibility for a Rs 1,960 crore accounting lapse in derivatives. An independent probe revealed misaccounting of internal derivative trades, impacting the bank's profit and loss. The board is reorganizing management and has halted internal derivative trading, awaiting RBI approval for interim leadership.

IndusInd Bank faced scrutiny for wrongly booking Rs 674 crore in interest income. The bank reversed the amount after a whistleblower complaint. Internal audits revealed the accounting errors. CEO sumant kathpalia and deputy CEO Arun Khurana resigned. The Reserve Bank of India had earlier extended Kathpalia's term by only a year. The bank initiated corrective measures following the report.

IndusInd Bank has identified valuation losses in its forex derivative contracts that could impact its net worth by up to 2.4%, or around Rs 1,530 crore. The bank has assured that the losses pertain to FY24 and earlier, and they are working with an external adviser to review and address these discrepancies.

Private sector lender IndusInd Bank on Wednesday reported a 60 per cent rise in its first quarter consolidated net profit to Rs 1,631 crore on lower provisioning for bad assets.

IndusInd Bank has proposed three candidates to the Reserve Bank of India for the role of managing director and CEO. Rajiv Anand is the board's top choice. This decision follows the resignations of the previous CEO and deputy CEO. The bank faced a financial setback due to accounting errors. The RBI instructed IndusInd Bank to nominate candidates by June 30.

Sebi has barred former IndusInd Bank CEO sumant kathpalia and four others from the securities market, impounding ₹19.78 crore. The regulator alleges they traded on unpublished price-sensitive information related to an RBI directive impacting the bank. This action follows Sebi's investigation into potential accounting frauds within IndusInd Bank.