IndusInd Bank has appointed Santosh Kumar as the new Deputy Chief Financial Officer (CFO). He replaced CFO Arun Khurana, who was holding the role along with his main job as Head of Treasury since January 21, 2025. In the meeting held on April 17, 2025 the Board of Directors decided to designate Santosh Kumar as Key Managerial Personnel (KMP) and will handle finance and accounts until a permanent CFO is appointed. He will officially take charge from 18 Apr, 2025.
IndusInd Bank, the fifth largest private bank in India, is facing trouble after the bank reported a discrepancy of Rs 1979 crore in the IndusInd Bank derivatives Portfolio. On March 10, when the bank revealed the issue in derivative portfolio, its stock had fallen by 15%.
An external agency reported a 2.27% negative impact on the bank’s value as of December 2024.
As directed by RBI, the bank hired Grant Thornton Bharat to do a forensic audit into the derivatives issues and find the root cause of the losses, identify the mistake, and fix accountability. IndusInd Bank is also looking forward to hiring a new CEO to replace Sumant Kathpalia, reported by Bloomberg.