IndusInd Bank has announced that the Reserve Bank of India (RBI) has granted approval for the appointment of Mr. Ganesh Sankaran and Mr. Jagdeep Mallareddy as Executive Directors (Whole-time Directors) of the Bank. The Bank's Board of Directors noted the RBI's approval on August 4, 2026, with the appointments effective from the same date. This development follows the Board's earlier decision on April 24, 2026, when both individuals were approved as Additional Directors in the category of Executive Directors, pending RBI clearance.

Appointment Details

Both appointments are for a period of three years. The key terms of their appointments are summarised below:

Prior to this formal appointment, both individuals had been redesignated as Executive Director – Designate with effect from April 24, 2026, until their appointments as Whole-time Directors took effect.

Profile: Mr. Ganesh Sankaran

Mr. Ganesh Sankaran (DIN: 07580955) is a seasoned banking leader with over three decades of experience across Wholesale, Retail Credit, and SME banking. He has held senior leadership positions at leading private sector banks, playing a pivotal role in building businesses, driving large-scale business transformations, and delivering consistent performance. His career reflects depth in relationship management, credit and risk, product expertise, and board-level exposure.

Prior to joining IndusInd Bank, his major banking career spans across Axis Bank, Federal Bank, and HDFC Bank. Mr. Ganesh Sankaran has also served on the boards of Axis Capital, Equirus Capital, and Fedbank Financial Services, and acted as Executive Director and Board Member at Federal Bank. At IndusInd Bank, he serves as Head of the Wholesale Banking Group.

Profile: Mr. Jagdeep Mallareddy

Mr. Jagdeep Mallareddy (DIN: 07492539) brings over three decades of experience in the financial services sector, with exposure across retail banking, lending, credit, operations, and risk management. He holds a Master of Business Administration from Andhra University and a Bachelor of Commerce (Honours) from Osmania University.

Prior to joining IndusInd Bank, he was associated with Piramal Finance Limited as Chief Executive Officer – Retail Lending. Earlier, he held senior leadership roles at Axis Bank Limited, including Head – Retail Lending. His previous experience also includes associations with:

• ICICI Prudential Life Insurance Company Limited
• HDFC Bank Limited
• Kotak Mahindra Prime Limited
• Cholamandalam Investment and Finance Company Limited
• Bajaj Auto Finance Limited

At IndusInd Bank, he serves as Head of Consumer Banking.

Regulatory Compliance

The Bank has confirmed that neither Mr. Ganesh Sankaran nor Mr. Jagdeep Mallareddy is debarred from holding the office of a Director by virtue of any order passed by SEBI or any other such authority. There is no inter-se relationship between the two Directors. The disclosure has been made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with the SEBI Master Circular dated January 30, 2026.

The Board of Directors of indusind bank has appointed Ms. Mini Ipe as an Additional Director in the category of Non-Executive Independent Director. The decision was taken at a board meeting held on August 3, 2026, strengthening the bank’s governance structure with a leader who brings over 37 years of experience in the insurance sector. The appointment is subject to approval by the shareholders of the bank.

Ms. Ipe will serve a term of four consecutive years, starting from August 3, 2026, and concluding on August 2, 2030, in compliance with the Companies Act, 2013. The board meeting commenced at 2.34 p.m. (IST) and concluded at 6.15 p.m. (IST). This disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Profile and Experience

Ms. Mini Ipe brings extensive leadership experience from her tenure at Life Insurance Corporation of India (LIC), where she served as Managing Director. Her career spans over 37 years in the insurance industry, covering critical domains such as investments, claims, personnel, pension and group schemes, finance and accounts, policy service, and regulatory compliance.

During her time at LIC, Ms. Ipe served as Zonal Manager In Charge of the South Central Zone in Hyderabad. She holds the distinction of being the first Lady Zonal Manager (In Charge) of LIC. In recognition of her contributions, she was named one of “India's Top 100 Women in Finance” in the year 2000 by the Association of International Wealth Management of India.

Current Board Roles

Ms. Ipe currently serves on the Boards of PTC India Limited and PTC Financial Services Limited. She had previously served on the Board of Axis Bank Limited. She holds a master's degree in commerce and possesses distinguished experience across multiple leadership roles, including Chief Executive and Board-level positions at LIC.

The bank confirmed that there are no relationships between directors inter se regarding this appointment. Ms. Ipe is not debarred from holding the office of a director by any order passed by SEBI or any other authority. The detailed disclosure is available on the bank's website.