The bank has appointed Viral Damania as its new CFO, starting September 22, 2025. He replaces the temporary finance head, Santosh Kumar, who will now return to his previous role as Deputy CFO. Until now, Santosh Kumar had some extra responsibilities in finance and was considered a Key Managerial Personnel (KMP). With Damania’s appointment, those extra duties and his KMP status end immediately.
This change in leadership comes shortly after some trouble at the bank. Earlier this month, Gobind Jain, the former CFO, accused the bank’s Chairman, Sunil Mehta, of hiding problems in the bank’s financial records. Jain even wrote a letter to the Prime Minister’s Office (PMO) asking for an investigation. However the bank has denied all allegations made by Jain.
Viral Damania Educational Background:
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Damania is highly qualified in finance and auditing.
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He holds several top financial qualifications:
– Chartered Accountant (CA)
– Company Secretary (CS)
– Cost Accountant (CWA)
– Certified in Information Systems Audit (ISACA)
Viral Damania Professional Experience:
- He’s a senior finance expert with 27+ years of experience.
- He began his career at Price Waterhouse Coopers (PwC).
- He has over 27 years of experience in banking and consulting.
- He has also worked with Citibank in India, Bangladesh, and Sri Lanka.
- He was most recently the CFO of Bank of America India, where he handled both the banking and securities businesses.
IndusInd Bank has been going through big leadership changes after a major accounting issue came to light. There was a ₹1,960 crore discrepancy (almost ₹2,000 crore!) found in the bank’s financial records for the fourth quarter of the financial year 2025. In August 2025, Rajiv Anand became the new CEO. He took over from Sumant Kathpalia, who stepped down after an accounting issue was found.
These changes show that IndusInd Bank is trying to clean up and strengthen its leadership after a serious financial issue. Appointing an experienced CFO like Viral Damania is part of rebuilding trust and stability within the bank and with its stakeholders.