Mumbai, April 24 -- The appointment was recommended by the nomination and remuneration committee (NRC). Damani currently serves as Spandana's president and chief financial officer.

Damani has over 23 years of experience in the microfinance industry. Before joining Spandana in March 2022, he held various roles at Bharat Financial Inclusion , including that of CFO. He played a key role in guiding the company through sectoral challenges and led a borrowing program of Rs 12,000 crore prior to Bharat Financial's merger with IndusInd Bank. Damani is an alumnus of IIM Ahmedabad (AGMP) and holds a PGDBA from Symbiosis, Pune.

Meanwhile, the board announced the resignation of Managing Director and CEO Shalabh Saxena, effective immediately.

Saxen...