Private sector lender IndusInd Bank on Monday said its managing director and chief executive Romesh Sobti has retired, having completed his tenure.
Sobti, shall demit the Office of Managing Director & CEO of the Bank, today, March 23, 2020, in line with the tenure approved by the RBI, the bank said in a regulatory filing.
Sobti's retirement comes as he has turned 70. The banking regulator has stipulated 70 as the retirement age for managing directors at banks.
The board of directors has placed on record a deep appreciation for the wide ranging contributions made by Sobti since taking over the position of managing director and CEO on February 1, 2008, it added.
The bank in late February had announced elevation of its consumer banking head Sumant Kathpalia as the new managing director and chief executive with effect from March 2020.
Notably, Kathpalia takes charge of the bank at a time when there is a deep mistrust among customers in private sector lenders and rumour mongering keeps simmering in markets, which has caused severe beating to various lenders post YES Bank debacle.
However, many private sector lenders have time and again issued statements in a bid to quell market sentiments and restore faith among customers.
Kathpalia is a career banker with over 33 years of experience in large multinational banks such as Citibank, Bank of America, ABN AMRO and IndusInd Bank. He has successfully held several leadership roles over his career with a focus on driving business growth and innovation.
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