IndusInd Bank Gets RBI Nod To Extend Interim Executive Committee's Tenure By A Month

IndusInd Bank Ltd. has received the Reserve Bank of India's approval to extend the tenure of its interim committee of executives by a month, up to Aug. 28 or until a new managing director and chief executive officer assumes charge, whichever is earlier.

This development follows the earlier approval granted by the RBI on April 29, under which the board had constituted a committee of executives to oversee the bank’s operations after the exit of the previous MD and CEO. The committee comprises Soumitra Sen, head of consumer banking, and Anil Rao, chief administrative officer, according to an exchange filing on Friday.

The interim arrangement, originally effective from April 29, was valid for three months and was scheduled to conclude on July 28. With the new RBI approval dated July 25, the committee’s tenure has now been extended by another month starting from July 29.

According to the bank’s exchange filing, all other terms and conditions of the interim arrangement will remain unchanged as per the RBI’s earlier communication. The committee will continue to function under the oversight and guidance of the Board’s Oversight Committee.

The extension comes as the bank continues its search for a permanent MD and CEO.