AU Small Finance Bank was under pressure on the back of news that there was another exit from the bank. Sumit Dhir, head-internal audit at Jaipur HO had resigned. Earlier, Alok Gupta too had stepped down from the post of Chief risk officer on July 14.
In the concall conducted by the bank, they said the resignation of the top two employees or those concerned with the asset quality of the bank is the relocation process. They mentioned that Alok Gupta joined in April 2021 to replace Mayank Markanday. However, Alok had come from Mumbai with an assurance that the family would shift from Mumbai to Jaipur but COVID second wave impacted the circumstances and so, he is moving back to Mumbai.
Similarly, Sumit Dhir’s family has faced great stress from COVID second wave and he asked for relocation to Delhi. However, the company could not relocate him as his job profile needed him to be in Jaipur.
The management has mentioned that there is a very good and sound connect between the board members as well as the team members. The roles of both Alok and Dhir needed them to be in Jaipur but they wanted to move out of Jaipur and therefore they have resigned.
They both wanted to reassure that the bank continues to do well in terms of business growth and asset quality. July and August have been pretty good and they remain in absolute compliance with all notices being given to exchanges.
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