IndusInd Bank CEO Selection Nears Final Phase: Axis, HDFC, Bajaj Leaders in Fray

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IndusInd Bank Set to Finalise New CEO Amid Leadership Shakeup; RBI Review Next Step

Mumbai, June 29, 2025 – IndusInd Bank, one of India’s leading private sector lenders, is in the final stages of selecting its new Chief Executive Officer (CEO), with three industry veterans from Axis Bank, HDFC Bank, and Bajaj Finance emerging as the top contenders. Sources familiar with the matter have confirmed to sources that the final names will be submitted to the Reserve Bank of India (RBI) for approval imminently.

The race for the top job comes at a critical juncture for IndusInd Bank, which has been navigating accounting irregularities and high-profile senior exits in recent months—factors that have dented investor sentiment and operational stability.

The Final Contenders for the CEO Role

1. Rajiv Anand – Deputy MD, Axis Bank
With over 35 years of experience, Rajiv Anand is a stalwart in India’s banking space. He led Axis Asset Management and transitioned to Axis Bank as President of Retail Banking before taking over Wholesale Banking. As Deputy MD, he now oversees digital, marketing, and corporate functions. His multi-vertical expertise positions him as a versatile and balanced leader.

2. Anup Saha – MD, Bajaj Finance
Saha brings a diverse portfolio of experience across credit cards, mortgages, and structured finance. His 14-year journey at ICICI Bank, followed by leadership roles at Bajaj Finance, highlights his adaptability and execution strength. Saha is seen as a frontrunner who could drive retail innovation at IndusInd.

3. Rahul Shukla – Group Head, HDFC Bank
With over 30 years in banking, including global stints at Citibank and senior leadership roles at HDFC Bank, Shukla commands deep insight into commercial, corporate, and rural banking. His last role overseeing CRB operations makes him a compelling candidate for IndusInd’s next growth phase.

RBI’s Role & What’s Next

The Reserve Bank of India had earlier directed the IndusInd Bank board to submit a shortlist of CEO candidates by June 30. Chairman Sunil Mehta had assured stakeholders that the bank would comply “well ahead of the deadline.”

Once submitted, the final candidate will require RBI vetting and approval under the Fit and Proper norms. This is expected to conclude in the coming weeks.

Market Response & Strategic Outlook

IndusInd Bank’s stock has shown resilience despite recent headwinds. Investors and analysts are now keenly watching how the appointment could influence the bank’s digital roadmap, retail growth, and governance reforms.

As the bank nears a fresh leadership chapter, stakeholders are hopeful that the new CEO will restore confidence, stabilise operations, and drive the next phase of transformation.

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