IndusInd Bank Ltd Statement on resignations at Bharat Financial Inclusion Ltd

IndusInd Bank Ltd Statement on resignations at Bharat Financial Inclusion Ltd

IndusInd Bank Ltd has announced the developments with respect to its owned subsidiary, Bharat Financial Inclusion Limited ('BFIL').

Mr. Shalabh Saxena and Mr. Ashish Damani (collectively, 'Employees'), who are currently employed with BFIL in the capacity of the Managing Director & CEO and the Executive Director & CFO, respectively, have advances their resignations  to emails addressed to the Chairman of the Board of BFIL on November 25, 2021. 

Both  offered their assistance in the ongoing review of transactions related to BFIL. The Board of BFIL has deferred consideration of the decision to relieve them before the completion of the ongoing review.

Meanwhile, the Bank has nominated Mr. J. Sridharan as Executive Director on the Board of BFIL and appointed Mr. Srinivas Bonam  to oversee the day-to-day functioning of BFIL. Both have ample of experience and exposure.

On other hand Mr M R Rao continues to be associated as an advisor to BFIL bringing his years of experience in microfinance and scaling up BFIL.

The Bank has also appointed Mr KV Rao as an advisor for strengthening the field processes.