IndusInd Bank microfinance arm’s CEO, ED exit

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.