IndusInd Bank has appointed Viral Damania as its new Chief Financial Officer (CFO) and Key Managerial Personnel, effective September 22, 2025. This move is part of a larger leadership restructuring following a major accounting lapse that adversely impacted the bank’s financials. Alongside this change, Santosh Kumar will relinquish his additional role as Special Officer – Finance & Accounts but will continue as Deputy CFO. The appointment is seen as a step toward restoring stability and governance at the bank.
Key Details of the Appointment
- Effective Date & Role: Viral Damania assumes charge as CFO on September 22, 2025, and is designated as Key Managerial Personnel.
- Change in Deputy CFO’s Role: Santosh Kumar, who was carrying extra responsibilities as Special Officer – Finance & Accounts, will stop holding that additional post. However, he will continue in his role as Deputy CFO.
Professional Background of Damania
- He brings over 27 years of experience in banking and professional services.
- His most recent role was CFO of Bank of America, India. He has also worked with Citibank in India, Bangladesh, and Sri Lanka, and with Price Waterhouse Coopers.
- His qualifications include Chartered Accountant, Company Secretary, Cost & Works Accountant, and a certification in Information Systems Audit and Control (ISACA).
Context & Strategic Significance
- Leadership Shake‑up: This appointment follows the earlier appointment of Rajiv Anand as the Managing Director & CEO in August 2025 for a three‑year term, amid concerns about financial misreporting.
- Accounting Lapse: Earlier in 2025, IndusInd Bank faced a major accounting discrepancy linked to its derivatives portfolio. This resulted in a financial hit that triggered resignations of prior senior management. The appointment of a new CFO is part of measures to improve governance and accountability.
- Governance & Market Response: Restoring investor confidence, strengthening internal controls, and ensuring accurate financial reporting are expected to be among the top priorities for Damania. His experience with global institutions and audit/compliance credentials add credibility.
Static Facts for Revision
- CFO Name: Viral Damania
- Effective Date: September 22, 2025
- Role of Santosh Kumar: Ceases additional duties as Special Officer – Finance & Accounts; continues as Deputy CFO
- Experience of Damania: 27+ years (Banking & Professional Services)
- Last Held Position: CFO, Bank of America India