Rajiv Anand Steps Up as CEO of IndusInd Bank Amid Resurgence

IndusInd Bank has officially appointed Rajiv Anand as its Chief Executive Officer for a term lasting three years, starting August 25. This crucial decision comes after the bank faced a $230 million financial setback due to misaccounting of internal derivative trades.

Anand, who currently serves as the deputy managing director at Axis Bank, was among three candidates shortlisted by IndusInd's board. Following clearance from the Reserve Bank of India, Anand was selected to lead the private lender into a new phase of financial stability.

The announcement comes on the heels of recent leadership resignations and reports that the bank has swung back to profit in the first quarter, recovering from its largest financial loss recorded in preceding months.

(With inputs from agencies.)