Indusind Bank , a leading private sector bank in India, has announced the appointment of Viral Damania as its new Chief Financial Officer (CFO). The appointment, effective September 22, 2025, marks a significant addition to the bank's leadership team.

New CFO Appointment

The Board of Directors of IndusInd Bank approved Damania's appointment during a meeting held on September 22, 2025. Damania will also serve as a Key Managerial Personnel of the bank. This strategic move comes as part of the bank's ongoing efforts to strengthen its financial leadership.

Viral Damania's Professional Background

Viral Damania brings a wealth of experience to his new role at IndusInd Bank. Prior to this appointment, Damania served as the Chief Financial Officer at Bank of America India, where he oversaw the bank's branch entity and BofA Securities India Ltd. His responsibilities included being a member of the country leadership team and serving as a non-executive director on the board of BofA Securities India Ltd.

Impressive Qualifications

Damania's credentials include:

• Qualified Chartered Accountant
• Company Secretary
• Cost & Works Accountant
• ISACA certification in Information Systems Audit and Control

Extensive Experience

With over 27 years of professional experience across banking and professional services, Damania is well-equipped to take on the CFO role at IndusInd Bank. His career includes:

• CFO at Bank of America India
• Experience with Citibank N.A. in India, Bangladesh, and Sri Lanka
• Previous work at Price Waterhouse Coopers

Changes in Roles

As a result of Damania's appointment, there are changes in other roles within the bank:

• Mr. Santosh Kumar, who previously held additional responsibilities as Special Officer-Finance & Accounts, will no longer be categorized as a Key Managerial Person.
• Kumar will continue to serve as the Deputy CFO of IndusInd Bank.

This appointment reflects IndusInd Bank's commitment to strengthening its financial leadership and governance. The bank's decision to bring in a seasoned professional like Viral Damania underscores its focus on enhancing its financial strategy and operations in the competitive banking sector.

In a significant development for the Indian banking sector, Mumbai's Economic Offences Wing (EOW) has issued summons to three top executives of IndusInd Bank in connection with alleged accounting irregularities involving approximately ₹1,960.00 crore.

Key Executives Summoned

The EOW has called upon three senior officials of IndusInd Bank to appear for questioning between September 22-24:

• Sumant Kathpalia, Managing Director & CEO
• Arun Khurana, Executive Director & Deputy CEO
• Govind Jain, Chief Financial Officer

Investigation Details

The investigation stems from a complaint lodged by the bank's own management regarding accounting irregularities. The issue at hand involves losses of about ₹1,960.00 crore, reportedly arising from misaccounted derivative trades.

Current Status of the Probe

• The EOW is currently in the process of gathering evidence to determine if a cognizable offence has occurred.
• As of now, no First Information Report (FIR) has been filed in the case.
• Police have already questioned some bank staff as part of the ongoing investigation.

Implications

This development could have significant implications for IndusInd Bank, one of India's leading private sector banks. The involvement of top executives in the investigation and the substantial amount in question may raise concerns among investors and regulatory bodies.

The outcome of this investigation could potentially impact the bank's reputation and financial standing. However, it's important to note that the investigation is still in its early stages, and no formal charges have been filed yet.

As the situation unfolds, stakeholders will be closely watching for further developments and any official statements from IndusInd Bank or the investigating authorities.