New Delhi, April 30
The 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 Sumant Kathpalia 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.
This Oversight Committee will be chaired by the Chairman of the Board and will include the chairs of the Audit Committee, the Compensation and Nomination and Remuneration Committee, and the Risk Management Committee.
“Based on the RBI approval, the Board has constituted such ‘Committee of Executives’ to oversee the operations of the Bank, under the oversight and guidance of the Oversight Committee of the Board till a new MD and CEO of the Bank assumes charge or a period of 3 months from the date of relieving the incumbent MD and CEO, whichever is earlier,” according to the exchange filing by the bank.