IndusInd Bank Elevates Santosh Kumar as Deputy CFO Amid Accounting Lapses

IndusInd Bank has appointed Santosh Kumar as Deputy CFO, following recent accounting lapses in its derivatives portfolio. Kumar, a seasoned finance expert, will lead finance and accounts until a full-time CFO is found. This change comes as PwC assesses a Rs 1,979 crore loss impact on the bank's net worth.

IndusInd Bank has appointed its Chief Accountant, Santosh Kumar, as the Deputy Chief Financial Officer. This move follows recent accounting lapses within the bank's derivatives portfolio, revealing an estimated 2.35% adverse impact on its net worth. Kumar, who boasts over two decades of finance expertise, is tasked with steering the bank's financial departments until a new Chief Financial Officer is selected.

In its latest regulatory filing, IndusInd Bank announced that Whole-time Director and Deputy CEO, Arun Khurana, will be relieved from his additional responsibilities as CFO effective April 17. This strategic shift comes as the bank seeks to address losses quantified at Rs 1,979 crore by external agency PwC, arising from past accounting missteps.

Kumar's appointment is seen as a pivotal step in reinforcing the bank's fiscal management and rectifying past errors. Previously, Kumar worked with financial giants such as ICICI Bank and PwC, acquiring substantial experience in finance, process control, and compliance. His current role at IndusInd Bank focuses on cost management and streamlined reporting.

(With inputs from agencies.)