Banking Sector Sees Major Leadership Shake-Up: HDFC, Axis and Bandhan Make Key Appointments
The HDFC Bank board has appointed Rajiv Kumar, former Finance Secretary and 25th Chief Election Commissioner of India, as its new part-time chairman for a period of three years. He would replace Atanu Chakraborty, who abruptly resigned citing ethical concerns in March.
Rajiv Kumar has a finance background, and also held the post of Secretary of the Department of Financial Services from 2017-2020.
Before being appointed as the new HDFC chairman. Rajiv Kumar has had two major roles – Secretary, Department of Financial Services (2017-2020), and the 25th Chief Election Commissioner of India before being replaced by current CEC Gyanesh Kumar.
HDFC Bank appoints new CFO
HDFC Bank has appointed Puneet Sharma as chief financial officer, effective December 1, 2026.
HDFC Bank’s board has approved the appointment of Puneet Sharma as Chief Financial Officer-Designate from September 1, 2026, and as Chief Financial Officer from December 1, 2026, succeeding Srinivasan Vaidyanathan. Sharma, who brings over 26 years of experience in banking and financial services, most recently served as Group Executive and Chief Financial Officer at Axis Bank.
Prior to his tenure at Axis Bank, Sharma held the position of Chief Financial Officer at Tata Capital. Earlier in his career, Sharma held leadership positions at Citibank and Boston Consulting Group.
The bank’s board also approved Jigar Shah’s appointment as General Counsel-Designate from August 20, 2026, and as General Counsel from October 1, 2026. This appointment is effective from August 20, 2026. He will assume the role of General Counsel from October 1, 2026. Both Sharma and Shah will become part of the bank’s senior management team from their respective joining dates.
New appointment in Axis Bank
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 Executive Resigns
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.
Major Leadership Appointments and Resignation in Private Banks
| Bank | Appointment/Change | Details |
|---|---|---|
| HDFC Bank | Rajiv Kumar appointed Part-Time Chairman | Former Finance Secretary and 25th Chief Election Commissioner of India appointed for a 3-year term, replacing Atanu Chakraborty. |
| HDFC Bank | Puneet Sharma appointed CFO | Appointed as Chief Financial Officer-Designate from September 1, 2026, and Chief Financial Officer from December 1, 2026, succeeding Srinivasan Vaidyanathan. |
| HDFC Bank | Jigar Shah appointed General Counsel | Appointed as General Counsel-Designate from August 20, 2026, and General Counsel from October 1, 2026. |
| Axis Bank | CH S S Mallikarjunarao reappointed Independent Director | Reappointed for a second term of four years from February 1, 2027, to January 31, 2031, subject to shareholder approval. |
| Axis Bank | Munish Sharda reappointed Executive Director | Reappointed as Whole-Time Director (Executive Director) for three years from February 27, 2027, to February 26, 2030, subject to RBI and shareholder approvals. |
| Bandhan Bank | Rajeev Mantri resigns as CFO | The Chief Financial Officer resigned on June 29, 2026, to pursue another career opportunity. His last working day will be September 25, 2026. |
