IndusInd Bank on Thursday announced the elevation of its consumer banking head Sumant Kathpalia as the new managing director and chief executive with effect from March 2020.

The bank’s nomination and remuneration committee and the board had considered and submitted the name of a potential candidate for the role of MD and CEO to the Reserve Bank of India (RBI), seeking approval for the appointment, it said in a release.

“The bank has received a communication from the RBI on Thursday, approving the appointment of Sumant Kathpalia, who currently heads the bank’s consumer banking business, as the MD & CEO for three years, with effect from March 24, 2020, post the retirement of Romesh Sobti, the current MD & CEO,” it said.

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.

Kathpalia is a chartered accountant and a commerce graduate from Hindu College, Delhi University.