IndusInd Bank has appointed Santosh Kumar as its new Deputy Chief Financial Officer (CFO) in a corporate reshuffle. The bank made the announcement on Thursday, confirming that Kumar will take over the role starting April 18, 2025. According to the bank’s statement, Kumar will oversee the finance and accounts functions until a permanent CFO is appointed.
Arun Khurana, the current Deputy CEO, will no longer handle the additional role of Deputy CFO. The bank thanked him for taking on this responsibility since January 21, 2025, and officially relieved him of this role at the close of business on April 17, 2025.
IndusInd Bank, which is the fifth-largest private bank in India by assets, has been facing difficulties in its microfinance segment and has reported a significant drop in profits over the past two quarters.
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Since March 10, when the bank revealed issues with its derivatives, its stock value has dropped by 15%. Additionally, an external report released earlier this week showed that the bank’s worth declined by 2.27% as of December 2024.
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In response to these issues, the bank has hired Grant Thornton Bharat to conduct a forensic audit. This comes after the Reserve Bank of India (RBI) instructed the bank to appoint a new firm to investigate the problems with its derivatives portfolio.
