Indusind Bank raises Santosh Kumar as Deputy Financial Head | Mint

Indusind Bank Ltd increased Santosh Kumar as Deputy Financial Head (CFO) before the results of the fourth quarter. Kumar will replace interim CFO Arun Khurana, who took the lead in January this year. Khurana, who heads Treasury operations, held the additional responsibility of the CFO. “We have hereby notified that the Council of Directors is being held at their meeting today, ie April 17, 2025 approved height of Mr. Santosh Kumar, chief accountant as Deputy Financial Officer and Special Officer – Finance and Accounts and named as a ‘key management staff’ of the bank, with effect from Friday,” After the market hours on March 10, Indusind Bank marked contradictions worth about £ 1.530 in its derivative account balances. The managing director and CEO Sumant Kathpalia told analysts shortly after its disclosure that it could have led the Reserve Bank of India (RBI) to allow him only an extension of one year instead of three. The global audit firm PwC, hired to quantify the derivative losses, released its reports earlier this week. Indusind Bank said on Tuesday that the external agency that studied the delivery debacle estimated the negative impact on £ 1.979 crore on June 30, 2024. That would amount to 3.1% of the bank’s net worth of £ 63,815 on that date. Separately, the bank also hired the global professional services firm Grant Thornton Bharat (GTB) to perform a forensic check after RBI ordered it to identify the cause of the bank’s market-to-market-derived losses, find around and determine liabilities within the bank. The money shooter in the private sector is also amid a search process to hire a new CEO that will replace Kathpalia. First published: 17 Apr 2025, 23:18 IST