Major Indian Banks See CFO Reshuffle Ahead of Q1 Results

Chief financial officers (CFOs) of private sector lenders Axis Bank and Bandhan Bank announced their resignations on Monday, in an unusual churn in the important finance function ahead of finalising the results for the first quarter.

Axis Bank, the third-largest private sector lender, said its CFO of six years, Puneet Sharma, has resigned to pursue the next phase of his professional journey.

Similarly, the microlender-turned-universal bank Bandhan Bank also announced that its CFO, Rajeev Mantri, has put in his papers.

The disclosures by the two banks come days after Bhavin Lakhpatwala, an HDFC Bank veteran, quit as the executive vice president at the largest private sector lender to join smaller rival RBL Bank as its CFO.

It is widely believed that Sharma is set to take over as the CFO of HDFC Bank after incumbent Srinivasan Vaidyanathan's term ends in October.

Axis Bank said Sharma will be relieved of his services on August 31 this year. Mantri is widely believed to take over Sharma's position as the CFO at Axis Bank.

It also said that the board approved the reappointment of CH S S Mallikarjunarao as an independent director of the bank for a second term of four years with effect from February 1, 2027, up to January 31, 2031, subject to the approval of the members of the bank.

The board also approved the reappointment of Munish Sharda as whole-time director (designated as executive director) of Axis Bank for a further period of three years with effect from February 27, 2027, up to February 26, 2030, subject to approval of the Reserve Bank of India and the members of the bank, it said.

Apart from this churn at private banks, recent days have also seen the resignation of Jaipur-based home loan lender Aavas Financiers' CFO Ghanshyam Rawat and the appointment of Ghanshyam Gupta as the interim CFO.