IndusInd Bank's Treasury Chief Set to Quit as Leadership Exodus Continues

IndusInd Bank is losing yet another top executive. Siddharth Banerjee, who has headed the private lender's global markets group since 2020, is set to step down in April.

Banerjee has already informed the management of his decision, according to a Reuters report. The exit adds to a growing list of senior departures that have rattled one of India's prominent private sector banks over the past year.

What Triggered the Leadership Rejig

The exodus traces back to a serious accounting crisis. IndusInd Bank reported its largest-ever quarterly loss of ₹2,329 crore for the quarter ending March 2025. The loss stemmed from significant governance and accounting failures. That followed an earlier revelation of ₹1,960 crore in accounting lapses, which triggered the first wave of high-profile resignations.

The bank has been under intense investor scrutiny ever since, even as it attempts to rebuild its leadership and restore confidence.

A Long List of Departures

The shake-up at the top began in April last year, when then-CEO Sumant Kathpalia and Deputy CEO Arun Khurana both resigned in the wake of the accounting lapses.

Chairman Sunil Mehta also exited after his term ended in January, having told the board he would not seek reappointment at the conclusion of his tenure. He was succeeded by Arijit Basu, who took over as Additional Director and part-time Chairman for a three-year term beginning January 31, 2026.

In January this year, two more senior executives, Rana Vikram Anand, head of customer management, and Anish Behl, head of wealth and para banking, also stepped down, according to reports. Anand's tenure ends in April, while Behl's ended on January 30.

Amid the departures, IndusInd has been actively rebuilding its leadership bench.

The bank appointed senior banker Rajiv Anand as its new CEO in August 2025. Since then, several other key roles have been filled. Ganesh Sankaran was named head of wholesale operations, Amitabh Kumar Singh joined as the new Chief Human Resources Officer, and Viral Damania came on board as the new Chief Financial Officer.

Efforts to Stabilise

Beyond leadership changes, IndusInd has been taking concrete steps to shore up its financial position. The bank announced plans to raise up to $3.47 billion and also agreed to allow its promoters to appoint two nominees to its board, both moves aimed at strengthening its capital base and rebuilding investor trust.

In a significant development, the RBI gave HDFC Bank the green light in December 2025 to acquire up to a 9.5% stake in IndusInd Bank.

The approval extends to several HDFC group entities, including HDFC Mutual Fund, HDFC Life Insurance, HDFC ERGO General Insurance, HDFC Pension Fund Management, and HDFC Securities.