A New Era for IndusInd Bank
IndusInd Bank announced on Monday the appointment of Viral Damania as its Chief Financial Officer with immediate effect. This decision comes at a critical time for the private lender, which is currently undergoing significant restructuring following a reported Rs 1,960 crore accounting discrepancy and a recent change at the top management level.
The appointment brings clarity to the bank’s financial leadership after a period of interim arrangements. With Damania’s induction, Santosh Kumar, who was handling responsibilities as Special Officer for Finance and Accounts, will return to his primary role as Deputy CFO.
Who is Viral Damania
Viral Damania is a seasoned finance executive with over 27 years of experience in banking and professional services. Prior to this role, he served as Chief Financial Officer for Bank of America India, where he managed both the bank branch entity and BofA Securities India. He was also a member of the bank’s country leadership team and a non executive director on the board of BofA Securities India.
Damania’s career spans across Citibank in India, Bangladesh and Sri Lanka, as well as early years at Price Waterhouse Coopers. He is a Chartered Accountant, Company Secretary and Cost and Works Accountant, with an ISACA certification in Information Systems Audit and Control, adding depth to his financial and regulatory expertise.
Leadership Changes at IndusInd Bank
The appointment of a new CFO follows another major leadership change just weeks ago when Rajiv Anand took over as Chief Executive Officer. These shifts come after the exit of former CEO Sumant Kathpalia and former CFO Arun Khurana in the wake of the accounting discrepancy that came to light in Q4 FY25.
Industry experts view Damania’s appointment as a stabilizing move that signals the bank’s commitment to transparency, governance and regaining market confidence. With his extensive global banking experience, he is expected to play a crucial role in strengthening financial discipline and restoring stakeholder trust.
What This Means for Investors and Customers
The leadership overhaul is seen as part of a broader effort to reposition IndusInd Bank as a more resilient and accountable institution. For investors, the appointment could bring renewed confidence in the bank’s ability to manage risks and maintain compliance. For customers, it assures continuity of services under stronger financial oversight.
IndusInd Bank’s next steps will be closely watched as it aims to restore credibility and move beyond recent controversies.
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