RBI approves appointment of Sumant Kathpalia as IndusInd Bank CEO for three years1 min read . Updated: 27 Feb 2020, 10:23 PM IST
- A chartered accountant by qualification, Sumant Kathpalia has been with the bank since 2008
- In October last year, the bank had said its board finalized a potential candidate for the position of managing director & chief executive after Romesh Sobti's term comes to an end in March 2020
MUMBAI : Private sector lender IndusInd Bank on Thursday said that the Reserve Bank of India (RBI) has approved the appointment of Sumant Kathpalia as the chief executive for three years.
"As previously advised to the Exchanges, the Bank’s Nomination & Remuneration Committee and the Board had considered and submitted the name of a potential candidate for the role of MD & CEO, to the Reserve Bank of India (RBI), seeking an approval for the appointment," the bank said in a statement Thursday evening.
Kathpalia currently heads the bank’s consumer banking business and has been appointed chief executive from 24 March, 2020, post the retirement of Romesh Sobti, the outgoing chief executive.
In October last year, the bank had said its board finalized a potential candidate for the position of managing director & chief executive after Romesh Sobti's term comes to an end in March 2020.
A chartered accountant by qualification, Kathpalia has been with the bank since 2008. Before joining IndusInd Bank, he led the consumer banking business of ABN AMRO. He has also worked with Citibank and Bank of America.
Mint reported last year that Sobti was hoping that RBI will extend the age limit for managing directors of private sector banks from 70 to 75 years, giving him additional time to continue in the bank. Under the companies Act, registered companies can have chief executives who are over 70 years of age by passing a special resolution. With the central bank turning down the request, Sobti will have to step down after having served as the bank"s CEO since FY08.