IndusInd Bank names Viral Damania as new chief financial officer

IndusInd Bank Limited on Monday, September 22, 2025, announced the appointment of Viral Damania as its new chief financial officer (CFO) and key managerial personnel, according to a filing made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The bank stated that the decision was approved at a meeting of its board of directors held earlier in the day. With this appointment, Santosh Kumar’s additional role as special officer–finance and accounts and his classification as a key managerial person will end immediately, the bank said. However, Kumar will continue to serve as the deputy CFO of the institution, as mentioned in the statement.

While the appointment of Damania reflects the bank’s ongoing efforts to strengthen its leadership team and financial management function, it is notable that IndusInd Bank’s shares have fallen sharply this year, with the stock trading at ₹734 on September 22, 2025, down ₹235 or about 24.27% year to date.

The price has steadily declined from its early 2025 levels, when it briefly reached around ₹1,100, and is now much closer to its 52-week low of ₹606 than to its 52-week high of ₹1,490.

Last month, the bank has signed a Memorandum of Understanding (MoU) with the National Small Industries Corporation (NSIC), a Government of India enterprise under the Ministry of MSME. Through this strategic collaboration, the Bank will work towards accelerating credit delivery and extending comprehensive financial support to over 6.7+ crore Udyam-registered Micro, Small and Medium Enterprises (MSMEs) across the country.

The MoU was signed in New Delhi in the presence of dignitaries including Jitan Ram Manjhi, Union Minister of MSMES; S.C.L. Das, IAS, Secretary of MSME; Mercy Epao, Joint Secretary of MSME; Dr. Subhransu Sekhar Acharya, NSIC Chairman & MD; Gaurav Gulati, NSIC Director of Finance; and V. Raghunath, EO to CMD, DGM Finance.