Bharat Financial senior management resigns: board postpones succession until review is complete, says IndusInd Bank

Senior management at Bharat Financial Inclusion Ltd – Shalabh Saxena and Ashish Damani have resigned from their positions, but the board has decided to postpone the review of their succession until an ongoing review is completed, a IndusInd Bank said on Monday.

A review of the disbursement of nearly 84,000 loans without client consent due to a technical problem at BFIL is underway within the microfinance company.

“Shalabh Saxena and Ashish Damani, currently employed by BFIL as Managing Director and Managing Director and Executive Director and CFO, respectively, tendered their resignations following emails to the Chairman of the Board of Directors from BFIL on November 25, 2021. “the private sector lender said in a stock exchange document on Monday.

The announcement comes after Spandana Sphoorty (SSFL) announced on November 22 the appointment of Saxena as new CEO and CEO and Damani as President and CFO.

BFIL is the microfinance subsidiary 100% owned by IndusInd Bank.

Both have offered to help with the ongoing review of BFIL-related transactions, for which the bank has appointed an international audit firm to conduct an independent review and verify the veracity of anonymous complaints, the bank added.

“BFIL’s Board of Directors has deferred consideration of the decision to raise them until the ongoing review is completed,” said IndusInd Bank.

The lender appointed J Sridharan as executive director of BFIL’s board of directors and appointed Srinivas Bonam to oversee the day-to-day running of BFIL, he added.


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