IndusInd Bank appoints Viral Damania as new chief financial officer

India's IndusInd Bank named Viral Damania as its chief financial officer on Monday, marking another key leadership appointment in nearly a month after a $230 million hit in accounts triggered a management shakeup earlier this year.

Damania's appointment, effective September 22, comes after the bank late last month said veteran banker Rajiv Anand had taken charge as its CEO for a three-year period.

Earlier this year, IndusInd had disclosed the $230 million hit to its accounts for the financial year ended March 31, 2025 due to years of misaccounting of internal derivative trades.

That prompted the resignations of Sumant Kathpalia as the bank's CEO, and deputy Arun Khurana. Khurana was also relieved of his CFO duties in April, a month after the bank disclosed the accounting lapse.

With 27 years of banking experience, Damania was most recently the finance chief of Bank of America's India branch. He had also worked with global financial institutions, including Citibank North America and BofA Securities India.

Santosh Kumar, who was named deputy CFO in April, will continue in the role, the bank said.