Bank's fresh leadership, familiar troubles: Can Rajiv Anand succeed?
The Securities and Exchange Board of India (Sebi) has charged IndusInd Bank's former CEO, deputy CEO, and three others for alleged insider trading, but the bank is looking to the future with the appointment of Rajiv Anand as its new MD & CEO.
Anand, who passed out as a chartered accountant in 1990, brings over 35 years of experience across marquee institutions to the role. He began his career at Standard Chartered and ANZ Grindlays before joining HSBC, where he spent six months in Hong Kong.
Anand's career progression with Axis Bank and its group companies has been nothing short of impressive. He joined the Axis Group as the founding Managing Director (MD) of Axis Asset Management Co., the group's asset management arm, in 2009. This decision marked his entry into a leadership role overseeing asset management, expanding his expertise beyond traditional banking sectors.
In 2013, Anand moved to Axis Bank as President of Retail Banking, broadening his experience from asset management to retail banking. This transition gave him hands-on exposure to customer-facing financial services and large-scale banking operations.
In 2018, Anand led Axis Bank’s wholesale banking division, demonstrating his versatility and strategic growth by taking charge of the bank's wholesale banking operations, which involve large corporate clients and complex banking products.
These decisions significantly enhanced Anand's professional growth by developing deep expertise across asset management, retail banking, and wholesale banking, making him a well-rounded and seasoned leader. His strategic moves within Axis Bank’s various verticals helped build a comprehensive skill set in banking operations and leadership.
Before his appointment as MD & CEO of IndusInd Bank in August 2025, Anand retired as Deputy Managing Director of Axis Bank. His career progression and diverse leadership roles contributed to being selected as the new MD & CEO of IndusInd Bank during a critical phase for the bank, highlighting the trust in his broad experience to manage risk, restore confidence, and steer the bank forward.
IndusInd Bank is under regulatory scrutiny from the Reserve Bank of India for unreported forex derivatives losses of around Rs 2,000 crore, and the bank's net loss in Q4 was Rs 2,329 crore due to discrepancies in both the derivatives and microfinance books. However, the bank is banking on Anand's deep industry experience to deliver stability and strategic clarity.
Ashok Hinduja, Chairman of IndusInd International Holdings, has expressed support for Anand's appointment and expressed trust in his ability to realize the full potential of IndusInd Bank. The bank is undergoing governance reforms and investor sentiment is tentatively recovering.
However, navigating margin pressures amid a volatile rate cycle and managing higher loan loss provisions could keep return on assets (RoA) subdued at 0.6-1.2% over FY26-28. Brokerage Emkay Global expressed cautious optimism about Anand's appointment as MD & CEO of IndusInd Bank.
The bank's own committee had signalled its intent to start FY26 with a "clean slate." Anand, as the MD & CEO, has the significant challenge to change regulators' and investors' perception about the bank. Elevated slippages from persistent stress in the microfinance segment presented fresh challenges in the first quarter of the current financial year. Asset quality concerns continue to simmer, particularly in the CV/CE and business banking segments, which together account for about 20% of the loan portfolio.
IndusInd Bank is looking to Rajiv Anand to lead it through these challenges and deliver a brighter future.
References:
[1] IndusInd Bank appoints Rajiv Anand as MD & CEO
[3] Rajiv Anand: The man who has seen it all
[5] Rajiv Anand: The man who took on the Harshad Mehta scam
- Rajiv Anand, with over 35 years of experience in various banking sectors, has been appointed as IndusInd Bank's new MD & CEO, aiming to steer the bank forward during a critical phase.
- Anand's career progression, including leadership roles in asset management, retail banking, and wholesale banking at Axis Bank, has prepared him for the challenge of managing a diverse banking portfolio like IndusInd Bank.
- The bank is under regulatory scrutiny for unreported forex derivatives losses and a net loss in Q4, but it is banking on Anand's deep industry experience to deliver stability and strategic clarity.
- The bank's own committee intends to start FY26 with a "clean slate," and Ashok Hinduja, chairman of IndusInd International Holdings, has expressed support for Anand's appointment and trust in his ability to realize the bank's full potential.
- Anand's major challenges include changing regulators' and investors' perception about the bank, addressing asset quality concerns, and navigating margin pressures amid a volatile rate cycle.
- Despite the ongoing challenges, IndusInd Bank is looking to Rajiv Anand to lead it through these difficulties and deliver a brighter future for the bank and its investors.
