MUMBAI: IndusInd Bank on Monday said that two senior executives of its microfinance institution (MFI) arm Bharat Financial Inclusion — MD & CEO Shalabh Saxena, and ED & CFO Ashish Damani — have resigned. The bank has appointed an executive director and another senior executive to hold fort until a new management is in place.
The announcement appears to indicate a resolution of the row between the bank and Spandana Sphoorty Financial Services. IndusInd Bank said that both the executives have offered their assistance in the ongoing review of transactions related to Bharat Financial.