IndusInd Bank Appoints Viral Damania As CFO

Indusind Bank on Monday announced that the bank has appointed Viral Damania as chief financial officer. Damania has been appointed as a key managerial personnel of the private lender with effect from Sept. 22.

He is a seasoned finance leader with over 27 years of professional experience across banking and professional services. Till recently, he was the CFO for Bank of America India.

Damania also served as a member of the country leadership team and was also a non-executive director on the board of BofA Securities India Ltd. Prior to Bank of America, he worked with Citibank N.A. in India, Bangladesh, and Sri Lanka and with Price Waterhouse Coopers.

Santosh Kumar, who till today was special officer in-charge of finance and accounts, will cease to hold that position. Kumar will go back to being deputy CFO of the bank, it said in its notification.

This is the second major appointment under MD & CEO Rajiv Anand who took over the bank's leadership on Aug. 25. Before this, on Sept. 1, the bank appointed Pragati Gondhalekar as head of internal audit.

Damania succeeds Gobind Jain, who quit as CFO of IndusInd Bank in January. Two months after his exit, the bank declared that it had identified accounting issues in its derivatives portfolio. After external investigations and questions raised on the role of management in these accounting issues, it was revealed that the bank's microfinance portfolio also saw significant issues.

Sumant Kathpalia, then MD & CEO of the bank and Arun Khurana, deputy CEO, resigned in April after instances of their alleged involvement came to light. In an investigation conducted by Securities & Exchanges Board of India, it was revealed that Kathpalia and Khurana knew of the accounting issues much before they were revealed to the market.