Induslnd Bank CHRO Zubin Mody Resigns After Several Top Brass Exits- What's Behind This?

In a letter dated Friday, July 25, IndusInd Bank Ltd. said Zubin Mody, its Chief Human Resources Officer (CHRO) and senior management personnel of the bank, has tendered his resignation.

Mody has resigned to pursue new opportunities outside, the lender said in an exchange filing. He has been with IndusInd Bank since 2005.

This comes after Sumant Kathpalia, ex-managing director and chief executive officer (MD & CEO) of IndusInd Bank, resigned in April  2025 with immediate effect, citing “moral responsibility” for “various acts of commission/omission” following accounting lapses that resulted in a total loss of Rs 2,000 crore.

Ahead of Kathpalia tendering his resignation, Deputy CEO at IndusInd Bank Ltd, Arun Khurana, had also resigned in connection with the same accounting issues.

In his resignation letter, Kathpalia stated: “I wish to submit my resignation from the services of the bank in relation to the ongoing derivatives discussion. I undertake moral responsibility, given the various acts of commission/omission that have been brought to my notice.”

Earlier, business advisory major Grant Thornton had identified instances of false accounting of internal derivatives trades – particularly in cases of early termination.  These trades led to the recording of notional profits, which in turn resulted in significant accounting discrepancies.

Meanwhile, Mody has resigned to pursue new opportunities outside, the lender said in an exchange filing. He has been with IndusInd Bank since 2005.

The same will come into effect from the close of business hours of October 24, 2025, the lender said.

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On another note, the Reserve Bank of India (RBI) on Friday also granted its approval for extension of tenure of the oversight committee of the board for another month.

The Reserve Bank of India (RBI) on Friday also granted its approval for extension of tenure of the oversight committee of the board for another month.

The same will be with effect from July 29 to August 28 or until the new MD and CEO is appointed and assumes charge, whichever is earlier, the lender said in an exchange filing

Earlier, the tenure of the committee of executives was to conclude on July 28, 2025.

IndusInd Bank shares ended the previous session 2.6 per cent lower at Rs 825.5 apiece. The stock has declined 14.8 per cent this year, so far.