The Reserve Bank of India has approved the appointment of Sumant Kathpalia as managing director and chief executive officer of IndusInd Bank Ltd. for a period of three years.
Private sector lender IndusInd Bank informed the exchanges today that Kathpalia will take over immediately once Romesh Sobti retires after being at the helm for over a decade.
“The bank has received a communication from the RBI today, approving the appointment of Sumant Kathpalia, who currently heads the bank’s consumer banking business, as its Managing Director & CEO for 3 years, with effect from March 24, 2020, post the retirement of Romesh Sobti, the current MD & CEO,” the bank said.
The Bank’s Nomination & Remuneration Committee and also the Board had thought of and submitted the name of a possible candidate for the role of managing director and chief executive officer, to the Reserve Bank of India (RBI), seeking approval for the appointment.
Mr Kathpalia, 55, has been with the bank since 2008 and is credited with building consumer loans portfolio from scratch, as part of a plan to expand the loan book take on by the bank. He is also credited with expanding the bank’s book with new products like loans against property, personal loans and credit cards, besides its main vehicle finance business, The Economics Times Reported.
