IndusInd Bank appoints Viral Damania as Chief Financial Officer

Private sector lender IndusInd Bank has appointed Viral Damania as its new Chief Financial Officer (CFO), effective September 22, 2025.

Following this appointment, the additional responsibilities previously held by Santosh Kumar as Special Officer, Finance & Accounts, as well as his designation as a Key Managerial Personnel (KMP), cease with immediate effect. Kumar will, however, continue in his existing role as the Deputy CFO of the bank.

Damania is a qualified Chartered Accountant, Company Secretary, and Cost & Works Accountant, and also holds an ISACA certification in Information Systems Audit and Control.

A seasoned finance leader with over 27 years of experience in banking and professional services, Damania most recently served as the CFO for Bank of America India, where he oversaw both the bank's branch operations and BofA Securities India Ltd.

He was also a member of the country leadership team and a non-executive director on the board of BofA Securities India. His previous experience includes senior roles at Citibank NA across India, Bangladesh, and Sri Lanka, and earlier with PricewaterhouseCoopers.

The leadership change comes amid recent controversy involving IndusInd Bank’s former CFO Gobind Jain, who earlier this month called for the suspension of the bank’s Chairman Sunil Mehta, alleging concealment of accounting discrepancies.

In a letter to the Prime Minister’s Office (PMO), Jain requested government intervention and demanded an independent investigation. The bank has strongly denied the allegations.

Shares of Mumbai-based IndusInd Bank Ltd. were trading 1.40% lower at ₹734 on Monday. The stock is down 24% year-to-date in 2025.