Heads roll at IndusInd Bank amid clean-up

An unprecedented number of top executives are set to retire from the bank, amid dangerous levels of stress on its books and concerns over shareholding.

It sounded like a routine change in leadership. On 29 September, the board of IndusInd Bank decided to change its chief financial officer. Two days later, it filed a carefully worded announcement with the stock exchanges stating that former Kotak Mahindra Bank executive Gobind Jain would be replacing S.V. Zaregaonkar as CFO.

“S.V. Zaregaonkar shall hand over charge of the CFO position, and take over other responsibilities until the date of his superannuation,” the bank said in the filing, adding that “it was part of succession planning” and that Zaregaonkar would be moving to “other roles”. In a statement to …

Author

Advait Palepu

Advait is a financial journalist and a former writer at The Morning Context. Here, he wrote on India’s banks, the wider financial services industry and the fintech ecosystem. He has previously worked with the Economic and Political Weekly, Business Standard, BloombergQuint and MediaNama, where he covered everything from the Reserve Bank of India to fintech policy.

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advait@mailtmc.com

Mumbai

Author

Furquan Moharkan

Furquan leads the banking coverage at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.

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furquan@mailtmc.com

Delhi