IndusInd Bank elevates Santosh Kumar as deputy CFO

IndusInd Bank Ltd has elevated Santosh Kumar as deputy chief financial officer (CFO) ahead of its fourth-quarter results.

Kumar will replace interim CFO Arun Khurana, who took charge in January this year. Khurana, who is the head of treasury operations, held the additional responsibility of CFO.

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"We hereby inform that the Board of Directors at their meeting held today i.e. April 17, 2025 approved elevation of Mr. Santosh Kumar, Chief Accountant as Deputy Chief Financial Officer and Special Officer – Finance & Accounts and designated him as a ‘Key Managerial Personnel’ of the Bank, with effect from Friday, April 18, 2025. Mr.Santosh Kumar is authorised in such capacity, to head the finance and accounts functions of the Bank till a full time CFO is appointed," said the bank in its release.

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After market hours on 10 March, IndusInd Bank flagged discrepancies worth about ₹1,530 crore in its derivatives account balances. Managing director and chief executive officer Sumant Kathpalia told analysts on a call soon after the disclosure that this could have led the Reserve Bank of India (RBI) to allow him only a one-year extension instead of three.

Global audit firm PWC, which had been hired to quantify the derivative losses, released its reports earlier this week. IndusInd Bank on Tuesday said that the external agency tasked with studying the lender’s derivatives debacle has estimated the negative impact at ₹1,979 crore as on 30 June 2024. This would amount to 3.1% of the bank's net worth of ₹63,815 crore on that date.

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Separately, the bank has also hired global professional services firm Grant Thornton Bharat (GTB) to conduct a forensic check after RBI directed it to identify the root cause of the bank's mark-to-market derivative losses, find lapses and fix accountabilities within the bank.

The private sector lender is also in the midst of a search process to hire a new CEO, who will replace Kathpalia.