India's banking sector sees a major shuffle. HDFC Bank appoints former Finance Secretary Rajiv Kumar as director. Axis Bank and Bandhan Bank witness the resignations of their Chief Financial Officers, with Axis Bank's CFO moving to HDFC Bank.
Major Leadership Changes in India's Banking Sector
India's banking sector witnessed a series of senior management changes on Monday, with HDFC Bank, Axis Bank and Bandhan Bank announcing key appointments and resignations through separate stock exchange filings.
HDFC Bank Announces Key Appointments
The most significant development came from HDFC Bank, which appointed former Finance Secretary and former Chief Election Commissioner Rajiv Kumar as an Additional Director (Independent Director) for a period of four years with effect from June 30, 2026. The appointment is subject to shareholders' approval. The appointment is seen as paving the way for Kumar to take over as the bank's Chairman following the completion of the tenure of the current chairman.
In another key move, HDFC Bank approved the appointment of Puneet Sharma as Chief Financial Officer-Designate with effect from September 1, 2026. He will assume charge as the Chief Financial Officer from December 1, 2026. The bank also appointed Jigar Shah as General Counsel-Designate effective August 20, 2026, and as General Counsel from October 1, 2026. Both executives will become part of the bank's senior management from their respective joining dates.
Shuffle at Axis Bank
The appointment of Puneet Sharma at HDFC Bank came shortly after Axis Bank announced his resignation as Chief Financial Officer. In a stock exchange filing, Axis Bank said "Puneet Sharma, Chief Financial Officer of the Bank, has tendered his resignation on June 28, 2026, to pursue the next phase of his professional journey." He will be relieved from the bank's services at the close of business on August 31, 2026 and will cease to be a key managerial personnel from that date.
Apart from the CFO resignation, Axis Bank's board approved the reappointment of CH S S Mallikarjunarao as an Independent Director for a second term of four years from February 1, 2027, to January 31, 2031, subject to shareholder approval.
The board also approved the reappointment of Munish Sharda as Whole-Time Director, designated as Executive Director, for a further period of three years from February 27, 2027, to February 26, 2030, subject to approvals from the Reserve Bank of India and shareholders.
Bandhan Bank CFO Steps Down
Meanwhile, Bandhan Bank also announced the resignation of its Chief Financial Officer, Rajeev Mantri. According to the bank's filing, Mantri, who also serves as a Key Managerial Personnel, resigned on June 29, 2026, to pursue another opportunity from a career growth perspective. His last working day with the bank will be September 25, 2026.
Bandhan Bank stated, "Bandhan Bank Limited ('Bank') would like to inform that Mr. Rajeev Mantri, Chief Financial Officer ('CFO') and Key Managerial Personnel ('KMP'), has tendered his resignation vide letter dated June 29, 2026".
The developments mark a significant day of leadership transitions in India's private banking sector, with two major lenders witnessing CFO exits while HDFC Bank moved to strengthen its board and senior management team through key appointments. (ANI)
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