New Delhi: Private sector lender IndusInd Bank said on Thursday that the Reserve Bank of India has approved the appointment of Sumant Kathpalia as Chief Executive for 3 years.
The bank said in a statement that the nomination and remuneration committee of the bank and the board had considered RBI as a possible candidate for the post of MD & CEO and sought approval for the appointment.
Kathpalia is currently the head of the consumer banking business and will take over after the retirement of current chief executive Romesh Sobti.
In October last year, the bank said that after the term of Romesh Sobti ended in March 2020, its board finalized the name of a potential candidate for the post of Managing Director and Chief Executive.
Chartered accountant Kathpalia has been associated with the banking sector since 2008. Before joining IndusInd Bank, Kathpalia served as the head of ABN AMRO’s consumer banking business. In addition, he has also worked with Citibank and Bank of America.
According to media reports, Sobti hoped that RBI would increase the age limit of private sector banks from 70 to 75 years, which would give them additional time to remain a bank. but that did not happen.
