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IndusInd Bank CEO and Managing Director Sumant Kathpalia has resigned from his role, the lender announced on April 29. His resignation will be effective from the close of the working hours of April 29.

"I undertake moral responsibility, given the various acts of commission/ omission that have been brought to my notice," Kathpalia said in his resignation letter. This comes after RBI granted only a one-year extension to Kathpalia's tenure as the bank's CEO, despite the lender asking for a three-year term.

IndusInd Bank sought RBI's approval to constitute a committee of executives to discharge the duties, roles and responsibilities of the Chief Executive Officer (CEO) of the Bank, for an interim period until a permanent CEO is appointed by the bank.

Kathpalia acknowledged that his resignation was in relation to the ongoing row over discrepancies in the bank’s derivatives portfolio. IndusInd Bank had earlier announced that there were certain accounting lapses in the derivative portfolio which could have a negative impact of 2.35 percent of the bank’s net worth, as of December 2024.

This sent the shares of the lender to a spin, with the stock falling 26 percent in a single day and wiping off major sums of investors’ wealth. However, external auditor PwC later pegged the impact to be a little lesser at 2.27 percent.

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