The private sector bank has also transferred the Pune branch chief to its Indore branch. The manager of the Indore branch has been on his way out.

Top IndusInd Bank sources, while confirming the developments, explained that Puri and Butalia have resigned following a refusal to move to other portfolios. "It is the standard practice in every organisation to have officers posted to various departments so that they become well-rounded. These two officers refused to do so, and have opted to resign. Puri is expected to stay on till the 15 of this month with Butalia until around June 30 this year," sources said.

"Rao over-extended his brief incertain transactions. An enquiry is pending against him, which is expected to be complete in a month's time or so. He has resigned, but will be allowed to quit the bank only after the enquiry," a senior official at IndusInd Bank said.

IndusInd Bank had effected a top level reshuffle sometime back. Its managing director S Solomonraj had stepped down to make way for former State Bank of India (SBI) deputy managing director KR Mahewshari. Another SBI executive, chief general manger KM Bhattacharjee, also moved in as an executive director.

The bank has been downsizing and focussing on quality assets and low cost funds. As a measure of cost cutting exercise, it has reduced the quantum of annual increments to its senior executives to a maximum of 10 per cent, sources said.