India’s IndusInd Bank named Santosh Kumar as its deputy CFO on Thursday, at a time when the lender has come under the central bank‘s scrutiny for accounting lapses.
Kumar will head the finance and accounts functions till IndusInd appoints a full-time CFO, the lender said, after deputy CEO Arun Khurana’s term as finance chief ended.
IndusInd reported an accounting discrepancy last month in the way it booked currency derivatives stretching back at least six years.
It estimated an impact of 2.27% on its net worth as of December 2024, based on the findings of an external agency’s probe.
The Reserve Bank of India had urged CEO Sumant Kathpalia and Khurana to step down following the accounting lapses, as soon as replacements were found and approved by the central bank, Reuters reported last month.
Khurana also heads the global markets division, which includes the derivatives portfolio.
IndusInd‘s shares have dropped 12% since March 10, when the lender first disclosed the impact of the discrepancies on its net worth.
Reuters
