IndusInd Bank update on changes in board of Bharat Financial Inclusion

IndusInd Bank announced that Shalabh Saxena and Ashish Damani, currently employed with Bharat Financial Inclusion (BFIL) (wholly owned subsidiary of the company) in the capacity of Managing Director & CEO and the Executive Director & CFO have tendered their resignation on 25 November 2021.

Both the Employees have offered their assistance in the ongoing review of transactions related to BFIL, for which the Bank has appointed a renowned international audit firm to conduct independent review and ascertain veracity of the anonymous complaints. The Board of BFIL has deferred consideration of the decision to relieve them until the completion of the ongoing review.

In the interim, the Bank has nominated J. Sridharan as Executive Director on the Board of BFIL and appointed Srinivas Bonam to oversee the day-to-day functioning of BFIL.

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 KV Rao (former Chief Operating Officer and Head Member Services for 11 years at BFIL) as an advisor for strengthening the field processes.

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