IndusInd Bank informed that the Reserve Bank of India (RBl) has approved the appointment of Sumant Kathpalia as the MD & CEO for 3 years, with effect from March 24, 2020.

The stock is currently trading at Rs1,101.50, down by Rs14.1 or 1.26% from its previous closing of Rs1,115.60 on the BSE.

“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 & CEO for 3 years, with effect from March 24, 2020. post the retirement of Romesh Sobti, the current MD & CFO,” the bank said on Thursday.

As previously advised to the Exchanges, the Bank's Nomination & Remuneration Committee and the Board had considered and submitted the name of a potential candidate for the role of MD & CEO, to the Reserve Bank of India (RBl), seeking approval for the appointment, the bank said.

The scrip opened at Rs1,108 and has touched a high and low of Rs1,108 and Rs1,085.40 respectively.

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