Piramal Retail CEO Jagdeep Mallareddy set to join IndusInd Bank

MUMBAI: IndusInd Bank is reshuffling its retail deck. Jagdeep Mallareddy, currently chief executive of retail lending at Piramal Finance, is set to jump ship to head the bank’s consumer finance business, as it sharpens its retail ambitions.

The move, confirmed by people familiar with the matter, places Mallareddy at the centre of IndusInd’s consumer-banking drive. He will oversee both the asset and liability sides of retail banking at the Hinduja Group-promoted lender—two levers seen as vital to its retail pivot.

The hire is understood to be a strategic call by Rajiv Anand, IndusInd’s chief executive, and comes as the bank looks to accelerate retail growth in a competitive market. Mallareddy and Anand have worked together before at Axis Bank, giving the appointment a note of familiarity as well as intent.

At Piramal Finance, Mallareddy has been steering retail lending, building experience in consumer credit and distribution. That background now travels to a bank eager to bulk up its consumer franchise.

For IndusInd, the message is clear: retail is back in fashion, and seasoned bankers are in demand. As lenders chase granular growth and stickier deposits, consumer finance has become the new battleground. Mallareddy walks into the fray with a broad mandate—and a bank betting that retail, done right, can still brew profits.