IndusInd Bank appoints Viral Damania as CFO; Santosh Kumar to continue as deputy CFO

IndusInd Bank Ltd on Monday announced the appointment of Viral Damania as Chief Financial Officer (CFO) and Key Managerial Personnel, effective September 22, 2025. The decision was approved at the board meeting held the same day, the lender informed in a BSE filing.

Following this appointment, the additional responsibilities assigned to Santosh Kumar as Special Officer (Finance & Accounts) and his categorisation as a Key Managerial Person will cease with immediate effect. Kumar will, however, continue as deputy CFO of the bank.

Damania is a qualified Chartered Accountant, Company Secretary, and Cost & Works Accountant. He also holds an ISACA certification in Information Systems Audit and Control. With over 27 years of experience in banking and professional services, he most recently served as the CFO for Bank of America India, overseeing both the Bank branch entity and BofA Securities India Ltd. He was also a member of the country leadership team and a non-executive director on the board of BofA Securities India Ltd.

His career includes leadership roles at Citibank N.A. across India, Bangladesh, and Sri Lanka, as well as earlier experience with Price Waterhouse Coopers.

The appointment comes a month after Rajiv Anand assumed charge as Managing Director and Chief Executive Officer (MD & CEO) of IndusInd Bank for a three-year term.

The bank has been under scrutiny following accounting discrepancies detected initially in its derivatives portfolio and later in its microfinance business. The disclosures earlier this year had led to the resignations of former CEO Sumant Kathpalia and Deputy CEO Arun Khurana in April 2025.

Meanwhile, IndusInd Bank shares slipped 1.25 per cent to close at Rs 734.