IndusInd Bank's subsidiary defers review of decision to relieve top 2 execs

Last week, the bank had said that the two top executives of BFIL cannot be relieved from their positions until the review of certain transactions at the company is completed

Subrata Panda Mumbai
indusind bank

Private sector lender IndusInd Bank on Monday said two of the top executives of its subsidiary, Bharat Financial Inclusion (BFIL), have tendered their resignation but have offered their assistance in the ongoing review of certain transactions that happened at the company, which resulted in the bank appointing an international audit firm to conduct an independent review.
Having said that, the bank informed the stock exchanges that the board of BFIL has put off the consideration of the decision to relieve these two executives off their positions until the ongoing review of certain transactions at Bharat Financial Inclusion is completed.
In an exchange filing, the bank said, “Mr Shalabh Saxena and Mr Ashish Damani, currently employed with BFIL in the capacity of the Managing Director & CEO and the Executive Director & CFO, respectively, have tendered their resignations pursuant to emails addressed to the Chairman of the Board of BFIL on Nove

Also Read

Street signs: Index inclusion setback for REITs, Paras IPO in demand & more

PSBs told to push for financial inclusion, expand insurance coverage

Subsidiary disbursed 84,000 loans without customer consent: IndusInd

2 top Bharat Financial execs can't be relieved till review ends: IndusInd

IndusInd Bank slumps 10% despite clarification on loan evergreening issue

Hindujas to raise stake in IndusInd Bank, raising $1.1 bn for funds: Report

Draft amalgamation scheme insensitive and a cruel joke: PMC depositors

RBI stance signals easier framework for setting up banks, say experts

Former RBI executive director Lily Vadera joins HDFC Bank board

Very encouraging that RBI accepted 21 recommendations out of 33: IWG member

First Published: Nov 29 2021 | 11:23 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers. Already a BS Premium subscriber?LOGIN NOW

Register to