The CEO of IndusInd Bank resigned for moral reasons.

IndusInd Bank CEO Sumant Kathpalia Resigns

• Sumant Kathpalia, CEO of IndusInd Bank, announced his resignation in a letter to shareholders.

• The resignation follows the resignation of deputy CEO Arun Khurana.

• The bank had previously announced action against senior management for accounting errors in derivatives trade.

• Kathpalia, who has been with the bank for over 17 years, took over as CEO in March 2020.

• His tenure extension was approved by the RBI twice, albeit for a shorter period.

• Kathpalia was close to the bank’s Hinduja Group promoters.