AU Small Finance Bank clarifies resignation of CRO & Head Internal Audit are due to personal reasons

[vc_row][vc_column][vc_video link=""][/vc_column][/vc_row][vc_row][vc_column][vc_column_text][/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]well the stock of au small finance bank is in focus the stock is down nearly around 12 from uh 27th of august and it is down close to around 16 to 17 percent from the recent highs in fact the stock has come under pressure on account of the resignation of mr allah gupta who is the chief risk officer as well as sumatri who is the head of internal audit and it he now spoke to mr sanjay agarwal who is the ceo and md of the bank and speaking exclusively to et now mr agarwal clarified that it is unfortunate and a coincidence that both these resignations are coming at the same time and both these destinations should be viewed as an hr issue and not a governance issue mr agawa clarified that other than the both these designations there are no other resignations at the top senior level be to the risk function audit function or even the control function and there is good amount of stability across the key critical teams at the at the senior level mr lava also clarified that um there is resignation from both sumit and alok on account of change in personal circumstances primarily on account of the kovitz second wave both the risk as well as the ordered function are critical functions and they are based out of jaipur since the head office of au small finance bank itself is jaipur and the work does demand that being a critical function the work a lot of the work is done at jaipur although the management had offered remote working to both as well as uh to uh summit uh both the individuals have uh stated that it probably may make it less they may probably not be contributing that effectively if they are working remotely as both these functions or critical functions while mr allog while the board has approved the appointment of the chain as the chief risk officer in place of allah gupta for a period of three years management is still working out and still trying out possibilities to retain and work on the middle part with mr sumit sumatri in fact management also clarified that uh they are not seeing too much of an attrition at the uh at the senior level the attrition yes is there at the junior level and at low vintage verticals since they're seeing a lot of poaching being done by nbfcs as well as fintechs he also stated that it is in line with the bank strategy to offer career progression as well as growth opportunities and hence there are african changes in the role of top management team for instance mr mayank markandi who is the exiting chief risk officer or rather who is a previous chief risk officer with the bank uh wanted to move on to a business role rather than the risk role and now mayhem heads the credit card division mr agarwal also clarified that they have good amount of robust systems and processes in place and the bank has been there or rather au financers has been there in business since the last 26 years of which 22 years was as an nbfc in the last few years have been as a bank and the bank has been audited by the reserve bank of india for three years and there have been no material observations being done from the regulator uh in fact uh mr agarwal also clarified that yes the bank has been growing their book fairly well there was some pain on account of the covet second wave but that has been well provided for they have been able to grow their deposit franchisee strongly they're building a fairly strong franchisee and recently they also launched digital bank they believe that the next 10 years for india is going to be very different from the last 10 years and the management is confident of building a strong franchisee and perform very well over the next 10 years<br><!-- wp:image {"id":1776,"sizeSlug":"large","linkDestination":"none"} -->rn<figure class="wp-block-image size-large"><img class="wp-image-1776" src="" alt="AU Small Finance Bank clarifies resignation of CRO &amp; Head Internal Audit are due to personal reasons" /></figure>rn<!-- /wp:image -->[/vc_column_text][/vc_column][/vc_row]

AU Small Finance Bank clarifies resignation of CRO &amp; Head Internal Audit are due to personal reasons


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