The troubled private sector lender Indusind Bank, which witnessed the top management leaving after an accounting scam in its foreign exchange trading book hit it in March, has appointed Viral Damania, an ex-BofA India executive as its new chief financial officer (CFO), with immediate effect.
The Hinduja group-owned lender did not have a CFO since last January when Gobind Jain resigned, two months before the lender said that it found some accounting discrepancies in its derivatives portfolio and reported massive losses in the March quarter. Jain was replaced by Arun Khurana who took over the additional responsibility of CFO while being the deputy CEO. Khurana and his is boss Sumant Kathapalia resigned late April. Both these executives are now under Sebi probe for alleged insider trading.
Damania, who till recently was the CFO at Bank of America India, will replace Santosh Kumar who was handling CFO charges as a special officer.
Damania is a qualified chartered accountant, company secretary, and cost & works accountant and holds an Isaca certification in information systems audit and control, the bank now helmed by Rajiv Anand as the CEO, said. Anand joined the scam hit bank end August from the larger rival Axis Bank where he was the deputy managing director.
Damania has over 27 years of professional experience across banking and professional services. Till recently, he was the chief financial officer of Bank of America India, where he oversaw the bank’s brokerage BofA Securities India as a non-executive director on its board. Prior to BofA, he worked with Citibank in India, Bangladesh, and Sri Lanka and also with Price Waterhouse Coopers.