IndusInd Bank Appoints Santosh Kumar as Deputy CFO Kumar will oversee the bank's finance and accounts functions until a full-time CFO is appointed.
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In a strategic leadership reshuffle, IndusInd Bank has appointed Santosh Kumar as its new Deputy Chief Financial Officer, effective April 18, 2025.
The decision, announced via an exchange filing on Thursday, comes at a critical time for the country's fifth-largest private sector bank, which is grappling with financial strain and regulatory scrutiny.
Kumar will oversee the bank's finance and accounts functions until a full-time CFO is appointed. This transition also marks the end of Deputy CEO Arun Khurana's interim charge as CFO. "The Board thanks Arun Khurana for discharging additional responsibility of CFO since January 21, 2025, and relieved him from this role with effect from close of business hours on April 17, 2025," the statement read.
The leadership change follows turbulent months for the lender, which has faced a crisis in its microfinance segment and reported declining profits for two consecutive quarters. Since March 10, when the bank disclosed discrepancies in its derivatives portfolio, IndusInd Bank's stock has plunged nearly 15%.
Earlier this week, an external agency's report indicated a 2.27% decline in the bank's worth as of December 2024. In response to regulatory pressure, the bank has appointed Grant Thornton Bharat to conduct a forensic audit, following the Reserve Bank of India's directive to probe lapses in its derivatives operations.
As IndusInd navigates these challenges, Kumar's appointment signals a move to stabilise its financial leadership and restore investor confidence.
