IndusInd Bank appoints Jagdeep Mallareddy as head of consumer banking

Private sector lender IndusInd Bank Ltd on Thursday (March 9) has appointed Jagdeep Mallareddy as head of consumer banking and designated him as a senior management personnel of the bank, effective April 9, 2026.

Mallareddy has over three decades of experience in the financial services sector, with exposure across retail banking, lending, credit, operations and risk management.

Prior to joining IndusInd Bank, he was associated with Piramal Finance Limited as chief business officer. Earlier, he worked

at Axis Bank Limited, where he held senior leadership roles, including head – retail lending.

Also Read:IndusInd Bank denies reports of QIP plan, calls speculation inaccurate

His professional experience also includes associations with ICICI Prudential Life Insurance Company Limited, HDFC Bank Limited, Kotak Mahindra Prime Limited, Cholamandalam Investment and Finance Company Limited, and Bajaj Auto Finance Limited.

Mallareddy holds a master of business administration from Andhra University and a bachelor of commerce (honours) from Osmania University. The bank said there is no relationship between Mallareddy and any directors of the company.

Last week, IndusInd Bank reported an 8.7% year-on-year (YoY) drop in net advances to ₹3,15,154 crore in the January-March quarter of FY205-56, compared to ₹3,45,019 crore in the same period last fiscal. On a sequential basis as well, loan growth remained muted, sliding 0.8% from the December quarter.

Also Read:IndusInd Bank Q3: Provisions surge even as NII tops estimates, NPAs stay stable

The deposits front showed a mixed bag; while total deposits declined 2.6% YoY to ₹4,00,178 crore, the bank registered a 1.6% QoQ growth, signalling a recovery in inflows during the final quarter. Importantly, retail deposits and small business holdings rose to ₹1,91,276 crore, up from ₹1,84,473 crore in the previous quarter.

The CASA ratio, the key indicator of low-cost funding, stood at 31.3%. While this is a drop from the 32.8% recorded a year ago, it marks an improvement over the 30.2% seen in December 2025.

Shares of IndusInd Bank Ltd ended at ₹814.90, down by ₹20.90, or 2.50%, on the BSE today, April 9.

Also Read: IndusInd Bank sees no loan stress in gems and jewellery portfolio despite sector slowdown