IndusInd Bank has officially announced that Jyoti Prasad Ratho who was in charge of internal audit, has retired and is no longer part of the bank’s senior management team (also known as Senior Management Personnel or SMP). This change was made public on Wednesday, and the bank is likely to announce a new person to fill that role soon.
Jyoti Prasad Ratho Professional Experience
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Ratho is a Chartered Accountant with 33 years of experience.
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For the past 19 years, he has focused on improving internal controls, risk management, and corporate governance.
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At IndusInd Bank, he built the internal audit system with a focus on practical solutions.
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Before this, he worked at Yes Bank and spent nearly 20 years in audit and governance roles at ICICI Group in India and abroad.
Chairman Sunil Mehta said that the bank is actively implementing cost-cutting measures as part of its broader strategy to improve financial efficiency. The bank aims to reduce the pace of its annual expenditure growth, bringing it down from the current rate of around 20% to single digits, or less than 10%. The bank has already submitted its recommendations for the CEO position to the Reserve Bank of India (RBI) for approval, indicating that succession planning is on track.
These leadership changes are happening while the bank is still dealing with old financial problems and the recent departure of its former CEO, Sumant Kathpalia. For now, the bank is being run by its board and two senior officials on a temporary basis. To strengthen its leadership, the bank also plans to add at least two new directors to the board in the near future.
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After Arun Khurana, Deputy CEO Resignation, IndusInd Bank CEO Sumant Kathpalia Resigns