IndusInd Bank elevates Santosh Kumar as deputy CFO effective April 18

Kumar to lead bank's finance and accounts functions

Private sector lender IndusInd Bank said on Thursday that it has elevated Santosh Kumar, currently serving as chief accountant, to the role of deputy chief financial officer (CFO) and special officer – finance and accounts, effective April 18. He has also been designated as a key managerial personnel and will lead the bank's finance and accounts functions until a full-time CFO is appointed.

 

Following the resignation of Gobind Singh in January, who served as the bank’s CFO for over three years, Arun Khurana, deputy chief executive officer and whole-time director, took on the responsibilities, effective January 21. Khurana has now been relieved from his additional role as the CFO of the bank.

 

 

The bank had informed the exchanges in January that Singh wished to pursue opportunities outside the bank, due to which he resigned from his services.

 

Following Singh’s resignation, the bank's internal review discovered discrepancies in its derivative portfolio, which estimated a 2.35 per cent hit on the net worth of the bank as of December 2024.

 

The external agency – PwC – hired by the bank to validate the findings of the internal review, also identified discrepancies in its derivatives portfolio and estimated a negative impact of Rs 1,979 crore as of June 30, 2024.

 

Based on the external agency’s report, the bank said that the discrepancies would have an adverse post-tax impact of 2.27 per cent on its net worth as of December 2024.

 

Analysts have termed PwC's findings as positive for the bank, noting that the estimated impact on net worth is slightly lower than what the bank’s internal review had projected.

 

However, the forensic audit report aimed at identifying the root cause of the discrepancies in the bank's derivative portfolio is still awaited. Additionally, there is still an overhang of management succession, as the Reserve Bank of India has given only a year’s extension to the current managing director and chief executive officer.

 

IndusInd Bank’s shares closed in the green, up 0.78 per cent from the previous day’s close.