Private banks see leadership reshuffle, HDFC names Rajiv Kumar Chairman-designate, ropes in Axis CFO as next finance chief, Bandhan CFO quits
Mumbai, June 30
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.
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.
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.
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
Reader Comments
CFOs jumping ship from Axis and Bandhan on the same day? That's quite a coincidence! Hope this is just normal career moves and not a sign of deeper issues. Banking sector always has these musical chairs at top levels. 🏦
HDFC is poaching talent from Axis again! Puneet Sharma moving from Axis CFO to HDFC CFO-designate is a big catch for them. Shows HDFC's aggressive strategy to strengthen their leadership team. Axis must be feeling the pinch now.
Interesting times for Indian banking! Rajiv Kumar's appointment is quite unique - from Election Commission to banking board. Wonder how his administrative style will blend with HDFC's corporate culture. Hope he brings fresh perspective without disrupting the bank's stability. 🤔
Bandhan Bank losing their CFO too? Rajeev Mantri quitting for "career growth" - that's corporate speak for better package elsewhere! 😄 Private banks ke chakkar mein sab kuch ho sakta hai. Hope Bandhan finds a good replacement soon.
All these leadership changes on the same day is unusual but not unprecedented. Banking sector always has its share of reshuffles. What matters is how these transitions impact customers like us. As long as my savings are safe and services remain smooth, I'm okay with the musical chairs at the top! 💼
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