IndusInd Bank Announces New CFO Appointment
Accounting lapses in the derivatives portfolio had lead to the stepping down of IndusInd Bank's former CFO. The new CFO is expected to bring steady the financial performance of IndusInd bank. But can he?
An employee walks post a giant LED wall with the logo of IndusInd Bank | File Image
Private lender, Indusind Bank on Monday announced appointment of a new Chief Financial Officer. Viral Damania has been formally announced as taking over the role of CFO of IndusInd Bank from Sept. 22 onwards. The CFO management comes at a time when the lender had been in the news for accounting lapses.
A few months ago, accounting lapses in derivatives portfolio lead to external investigations and audits which revealed the insider involvement of former CEO Sumant Kathpalia and Arun Khurana, Deputy CEO. The management stepped down along in quick succession and so did former CFO Gobind Jain who quit in January. Stocks of IndusInd Bank took a beating amid the development of lapses, audits, and allegations of insider trading.
IndusInd Bank's new CFO Viral Damania is a seasoned banker and according to his LinkedIn profile has a total of 27 years of experience in the banking domain. He had previously been associated with the Bank of America in India as its CFO and had been engaged in the services of Citibank and Price Waterhouse Coopers. The bank's notification also announced that Santosh Kumar, a former special-in Charge of the finance and accounts function is deputed as a Deputy CFO.
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