A day after IndusInd Bank said the board would take necessary steps to fix accountability for the accounting discrepancy, Arun Khurana, deputy chief executive officer, resigned with immediate effect on Monday.
This marks the second major departure in recent months, following CFO Gobind Jain’s resignation in January. In his resignation letter, Khurana attributed his decision to the recent accounting discrepancies in the bank’s derivatives business.
“Considering the recent unfortunate developments, wherein the bank determined an adverse accounting impact on P&L, on account of incorrect accounting for internal derivative trades, I, having oversight of the treasury front office function as the whole time director, deputy CEO and a part of senior management of the bank, hereby resign, effective immediately,” said Khurana in the letter.
Khurana commenced his tenure at IndusInd Bank in November 2011 and has held the position of deputy chief executive officer since April 2020.
The resignation comes after the private lender said on Sunday that its board would take necessary steps to fix accountability of the persons responsible for these lapses and re-align roles and responsibilities of the senior management.
The bank had hired a professional firm to thoroughly investigate the discrepancies disclosed on March 10, identify their root causes, find lapses, and fix accountability. The firm, which submitted its report on Saturday, has assessed the total impact on the profit and loss account at Rs 1,959.98 crore as of March 31, 2025.