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IndusInd Bank CEO Resigns After Accounting Scandal

IndusInd Bank CEO Resigns After Accounting Scandal

IndusInd Bank is facing a major shakeup as CEO Sumant Kathpalia has resigned immediately following a serious accounting error related to derivatives. This marks the second high-profile exit in just two days, after Deputy CEO Arun Khurana stepped down. The Reserve Bank of India urged both leaders to resign due to the discrepancies that affected the bank's financial health. IndusInd Bank, India's fifth-largest private lender, has seen its shares decline by 7% since the news broke. The bank is now preparing for a management overhaul, with a temporary committee taking over leadership responsibilities. Depositors need not worry, as the central bank assures their funds are safe.

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