IndusInd Bank, one of India’s leading private sector banks, has announced the appointment of Santosh Kumar as its new Deputy CFO, effective April 18, 2025. This leadership move comes at a critical time when the bank is under regulatory and financial pressure, aiming to bring stability to its financial operations.
Santosh Kumar To Handle Finance Functions
According to the official stock exchange filing, Santosh Kumar will oversee the finance and accounts departments of IndusInd Bank until a permanent CFO is appointed. His appointment comes as Deputy CEO Arun Khurana steps down from the additional role of CFO, which he had been handling since January 21, 2025. The board expressed gratitude to Khurana for managing dual responsibilities and officially relieved him from the CFO duties as of April 17, 2025.
IndusInd Bank Leadership Change
The change in financial leadership follows a rough phase for IndusInd Bank. The bank has faced financial turbulence due to challenges in its microfinance segment, as well as a decline in profits over the past two quarters. Additionally, the discovery of discrepancies in the bank’s derivatives portfolio in March triggered further concern, leading to a nearly 15% drop in its stock value.
Earlier this month, the Reserve Bank of India directed IndusInd Bank to conduct a forensic audit to investigate irregularities in its derivatives operations. In response, the bank has engaged Grant Thornton Bharat, a reputed external firm, to carry out the audit. Adding to the concern, an independent report recently suggested that the bank’s valuation dropped by 2.27% as of December 2024, intensifying pressure on the leadership to act quickly and decisively.
Santosh Kumar Appointment as Deputy CFO
With this key appointment, Bank hopes to stabilise its financial leadership during a crucial period. Santosh Kumar’s entry in IndusInd Bank as Deputy CFO reflects a clear intent to regain investor confidence and steer the bank toward operational recovery. His leadership will be closely watched as the bank attempts to navigate ongoing regulatory scrutiny and financial recovery.
As IndusInd Bank continues its efforts to rebuild trust and transparency, the coming months under Kumar’s financial stewardship will play a vital role in shaping the institution’s future direction.
