IndusInd Bank elevates Santosh Kumar as deputy CFO

An illuminated signboard of IndusInd Bank is seen outside one of its branches, in New Delhi, India, September 20, 2024.

IndusInd Bank has elevated Chief accountant Santosh Kumar as its Deputy Chief Financial Officer (CFO), special officer – Finance & Accounts, and designated him as a ‘Key Managerial Personnel’ of the bank, with effect from April 18, according to an exchange notice.

The lender had in January given an additional charge of CFO to Arun Khurana, who is the ED and deputy CEO at the bank, after former CFO Gobind Jain resigned from his post citing personal reasons. With the change, Khurana will continue to hold the post of Deputy CEO after being relieved from his service as CFO.

“Santosh Kumar is authorised in such capacity, to head the finance and accounts functions of the bank till a full-time CFO is appointed,” the notice said.

Top level rejigs come at a time when an external agency appointed by IndusInd Bank has confirmed that it has found discrepancies in the latter’s derivatives portfolio, and estimated a ‘negative impact’ of ₹1,979 crore on the bank’s financials as on June 30, 2024.

While the focus now shifts to the external agency report which will search for the root cause of the failure, the lower loss than expected earlier is seen as incrementally positive for the lender in near term, brokerage Macquaire had said recently. Clarity over the succession of current MD, CEO Sumant Kathpalia is now being keenly eyed by market participants.

Published on April 17, 2025