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Informist, Monday, Sept. 22, 2025

 

--IndusInd Bank appoints Viral Damania as CFO effective Mon

 

MUMBAI – The board of IndusInd Bank Ltd. has appointed Viral Damania as the chief financial officer of the bank effective Monday, the bank informed the exchanges. Consequently, the additional responsibilities of Santosh Kumar as special officer, finance and accounts, and his role as a key managerial person of IndusInd bank have ceased with immediate effect. Kumar will continue to be the bank's deputy chief financial officer, as per the filing.

 

Damania is a chartered accountant, company secretary, and cost and works accountant and holds a certificate in information systems audit and control. He has experience of over 27 years across banking and professional services. In the past, he has been the chief financial officer for Bank of America in India, where he oversaw the bank branch entity and BofA Securities India Ltd. He also served as a member of the country leadership team and was a non-executive director on the board of BofA Securities India Ltd. Prior to Bank of America, Damania worked with Citibank N.A. in India, Bangladesh, and Sri Lanka, and with Price Waterhouse Coopers.

 

IndusInd Bank has faced several exits from the senior management since late April, including former chief executive officer Sumant Kathpalia and deputy chief executive officer Arun Khurana, after the lender reported discrepancies in its derivatives accounting and microfinance loan portfolio for the financial year 2024-25 (Apr-Mar). It said the irregularities in the microfinance book were fraud committed against the bank.

 

With a net profit of INR 6.84 billion, the bank returned to profitability in the June quarter after a rare quarterly loss of INR 22.36 billion in the trailing quarter owing to the accounting discrepancies. The lender's net profit declined by a whopping 68% year on year as provisions increased nearly 66% for the June quarter. Monday, the bank's shares closed 1.4% lower at INR 734.30 on the National Stock Exchange.  End

 

Reported by Srijita Bose

Edited by Nishant Maher

 

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