Private lender IndusInd Bank in February said that it has received RBI’s approval for the appointment of Sumant Kathpalia as the bank’s MD and CEO for three years post the retirement of the incumbent Romesh Sobti. The appointment will come into effect from March 24, 2020.

According to the lender, its Nomination and Remuneration Committee and the board had considered and submitted the name of a potential candidate for the role of MD and CEO to the Reserve Bank of India (RBI) seeking approval for the appointment.

“We are pleased to advise that the bank has received a communication from the RBI today, approving the appointment of Sumant Kathpalia, who currently heads the bank’s Consumer Banking business, as the MD and CEO for 3 years, with effect from March 24, 2020, post the retirement of Romesh Sobti, the current MD and CEO,” the lender said in a statement.

IndusInd Bank commenced operations in 1994. As on December 31, 2019, it had 1,851 branches and 2,721 ATMs spread across 746 geographical locations in the country.