Sumant Kathpalia has been appointed MD and CEO of IndusInd Bank in place of Ramesh Sobti, who will be retiring. The bank said the Reserve Bank of India has approved the appointment of Kathpalia for a period of 3 years. Currently, Kathpalia heads the bank’s Consumer Banking business. He is expected to take charge of the new position on 24 March. A chartered accountant by qualification, Kathpalia has been with the bank since 2008. Before that, he led the consumer banking business of ABN Amro Bank and has also worked with Citibank and Bank of America. Sobti has been expecting that the RBI will extend the age limit for managing directors of private sector banks from 70 to 75 years, giving him additional time to continue in the bank. However, the central bank has turned down the request.
