top officials of India Financial Inclusion ,BFILLtd.), has resigned from the company last week, the bank said on Monday. The bank said it has appointed an executive director and another person to oversee the day-to-day operations of the company.

Shalabh Saxena, managing director and CEO, and Ashish Damani, executive director and CFO of BFIL, are to join rival microfinance lender vibrating pepOn which the two companies are clearly face to face.

Shalabh Saxena and Ashish Damani, who are currently serving in the capacity of Managing Director and CEO and Executive Director and CFO respectively with BFIL, have tendered their resignations on November 25, 2021, according to an email addressed to the Chairman of the Board of BFIL . ,” IndusInd Bank said in the regulatory filing.

The bank said, in the interim, it has nominated J Sreedharan as Executive Director on the board of BFIL and has appointed Srinivas Bonam to oversee the day-to-day functioning of BFIL.

Last week, IndusInd Bank said in a clarification that Saxena and Damani were employed with BFIL, replying that they have been appointed by Spandana Spoorthi Financial Ltd (SFFL).

Earlier, SFFL had announced that it has appointed Saxena as its MD and CEO and Damani as the chairman and CFO of the company.