IndusInd Bank, which is in the caught in the midst of accounting discrepancies in its derivatives portfolio, has elevated chief accountant Santosh Kumar to the position of deputy chief financial officer (CFO).

Arun Khurana, IndusInd Bank's whole-time director (executive director) and deputy CEO , will be relieved from the additional charge of CFO.

Kumar is authorised to head the finance and accounts functions of the bank till a full-time CFO is appointed.

A qualified chartered accountant and cost accountant with over 20 years of experience in the field of finance & accounting, Kumar is currently concentrating on streamlining costs and ease of reporting.

Prior to joining Indusind Bank, Kumar was with ICICI Bank as head of financial accounting and reporting.

 He has also worked with PwC, where he participated in consulting assignments with large corporates in all areas of finance, process control, risk assessment and compliance.

Last month, IndusInd Bank had reported accounting lapses in the derivative portfolio, which is estimated to have an adverse impact of approximately 2.35% of the bank's net worth as of December 2024.

External agency PwC, which was appointed to assess the impact of the lapses on the bank's balance sheet, has quantified the negative impact as of 30 June 2024 at Rs 1,979 crore in line with market estimates.