IndusInd Bank finalises next MD & CEO

PTI New Delhi | Updated on November 01, 2019

Submits application to RBI

Private sector lender IndusInd Bank on Thursday said its board has finalised a candidate for the post of managing director (MD) and chief executive officer (CEO) and the application has been moved to the RBI.

Pursuant to the recommendation of the nomination and remuneration committee (NRC), the board of directors of the bank at its meeting on Wednesday finalised a potential candidate for the position of MD & CEO, it said in release. “As mandated under the extant RBI norms, the bank has submitted an application to the Reserve Bank of India (RBI), seeking approval for the appointment of the new MD & CEO of the bank,” it said.

On receipt of the RBI’s approval, the bank shall duly make the requisite disclosures to the stock exchanges, it added.

Current MD & CEO Romesh Sobti is set to retire in late-March 2020, when he turns 70. The banking regulator has stipulated 70 as the retirement age for managing directors at banks.

The stocks of IndusInd Bank were trading 3.32 per cent higher at ₹1,355.05

Related news: RBI unlikely to revisit retirement age for MDs and CEOs of private lenders

Published on November 01, 2019

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