IndusInd Bank Appoints Viral Damania as CFO
IndusInd Bank declares the hiring of Viral Damania as its new CFO. The position had been unfilled since January after whistleblower CFO Gobind Jain resigned. Damania's recruitment signifies one of the initial important appointments under Rajiv Anand, who assumed the corner office role fewer than thirty days ago.
Damania, a finance expert with more than 27 years of experience in banking and professional services, was most recently the CFO of Bank of America India, where he managed both the bank branch and BofA Securities India. He has additionally been employed by Citibank NA in India, Bangladesh, and Sri Lanka, along with PricewaterhouseCoopers.
With his appointment, the extra responsibilities given to Santosh Kumar as special officer - finance & accounts, and his role as a key managerial individual, will end immediately. Kumar will remain in his role as Deputy CFO of the bank.
The appointment of Damania underscores the bank’s continuous endeavors to enhance its leadership team and financial management capabilities; however, it's significant to mention that IndusInd Bank’s shares have drastically declined this year, with the stock priced at Rs.734 on September 22, 2025, a decrease of Rs.235 or roughly 24.27 percent year-to-date.
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The price has consistently decreased from its initial 2025 levels, when it momentarily hit approximately Rs.1,100, and is now significantly nearer to its 52-week low of Rs.606 than to its 52-week high of Rs.1,490.
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Last month, the bank has signed a Memorandum of Understanding (MoU) with the National Small Industries Corporation (NSIC), a Government of India entity operating under the Ministry of MSME.
This strategic partnership will enable the Bank to enhance credit availability and provide extensive financial assistance to more than 6.7+ crore Udyam-registered Micro, Small, and Medium Enterprises (MSMEs) nationwide.
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The MoU was signed in New Delhi with dignitaries present, such as 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.