The Reserve Bank of India (RBI) has approved the appointment of Sumant Kathpalia as MD & CEO of IndusInd Bank for three years with effect from March 24, 2020. Mr. Kathpalia heads the consumer banking business at the private sector lender.
“The bank has received a communication from the RBI today, approving the appointment of Mr. Sumant Kathpalia, who currently heads the Bank’s Consumer Banking business, as its Managing Director & CEO for 3 years, with effect fiom March 24, 2020,” the bank said in filing to the exchanges.
Mr. Kathpalia replaces Ramesh Sobti, who will retire as he attains the age of 70. RBI guidelines allow a person to be the MD & CEO of the private bank till the age of 70.
Mr. Kathpalia is a career banker with over 33 years of experience in multi-national banks such as Citibank, Bank of America, and ABN AMRO.
“Mr. Kathpalia has successfully held several leadership roles over his career with a focus on driving business growth and innovation. He has diversified experience across various functions including Business Strategy, Sales & Distribution, Operations,Systems, Risk & Credit Management and Financial Management,” said the statement.
Mr. Kathpalia is a qualified chartered accountant and a commerce graduate from Hindu College, Delhi University.