Indusind Bank 's 31st Annual General Meeting (AGM) on August 29, 2025, saw a mix of approvals and rejections, highlighting the shareholders' active engagement in the bank's governance.

Rejection of Board Nominee Proposal

54.04% of shareholders voted against a proposal to amend the bank's articles of association, which would have allowed the induction of two nominee directors to the board. This decision came despite the proposal having received prior approval from the Reserve Bank of India (RBI) and the bank's board.

New CEO Appointment

Shareholders overwhelmingly approved the appointment of Rajiv Anand as the new Managing Director and CEO of IndusInd Bank. The resolution passed with 98.82% of votes in favor, demonstrating strong support for the new leadership.

Promoter's Stance

IndusInd International Holdings Ltd (IIHL), the promoter entity, expressed disappointment with the outcome of the board nominee proposal. IIHL cited misinterpretation by proxy advisors as a factor in the rejection. The promoter highlighted its long-standing support for the bank, including:

• A 30-year history of backing the bank
• Subscription to 1.57 crore warrants at Rs 1,709.00 per share in February 2021, when the market price was Rs 1,046.00
• A total investment of Rs 2,683.00 crore through the warrant subscription
• Reduction of its stake from over 90% in 1994 to around 15% currently

IIHL has sought RBI approval to increase its stake to 26%, underscoring its commitment to the bank's growth.

Other Key Resolutions

The AGM also saw the approval of several other important resolutions:

Conclusion

The AGM results reflect a dynamic interplay between shareholder interests and management proposals at IndusInd Bank. While shareholders showed strong support for the new CEO and various financial measures, the rejection of the board nominee proposal indicates their active role in shaping the bank's governance structure.

The bank's leadership will need to navigate these shareholder sentiments as it moves forward with its growth and governance strategies.

IndusInd Bank , a leading private sector bank in India, has announced a significant leadership change. Rajiv Anand has officially taken charge as the new Managing Director and Chief Executive Officer (CEO) of the bank, marking a new chapter in its corporate governance.

Key Highlights of the Appointment

• Effective Date: August 25, 2025
• Tenure: Three years (until August 24, 2028)
• Regulatory Approval: Appointment approved by the Reserve Bank of India (RBI)
• Board Approval: Confirmed by IndusInd Bank's Board of Directors on August 4, 2025
• Shareholder Approval: Pending

About Rajiv Anand

Rajiv Anand brings a wealth of experience to his new role at IndusInd Bank:

• Previous Position: Deputy Managing Director at Axis Bank
• Key Responsibilities: Led Wholesale Banking Business and drove the bank's digital agenda
• Career Highlights:
  • Founding Managing Director & CEO of Axis Asset Management Co. Limited
  • President of Retail Banking at Axis Bank
  • Board member and Head of Wholesale Banking at Axis Bank
• Qualifications: Commerce graduate and Chartered Accountant

Transition of Leadership

The appointment of Rajiv Anand concludes a period of interim management at IndusInd Bank:

• A 'Committee of Executives' had been overseeing the bank's operations since April 29, 2025
• The committee comprised Soumitra Sen (Head – Consumer Banking) and Anil Rao (Chief Administrative Officer)
• An Oversight Committee of the Board provided guidance during this transition period
• With Anand's appointment, both committees have been dissolved

Regulatory Compliance

IndusInd Bank has confirmed that Rajiv Anand is not debarred from holding the office of Director by any regulatory authority, including the Securities and Exchange Board of India (SEBI).

The appointment of Rajiv Anand as Managing Director & CEO signifies a new era for IndusInd Bank. With his extensive experience in the banking sector and expertise in digital initiatives, Anand is well-positioned to lead the bank through the evolving landscape of the financial industry. Shareholders will be watching closely as they await the opportunity to approve this significant appointment at the upcoming shareholder meeting.