Many major changes took place in the Indian banking sector on Monday. HDFC Bank appointed former finance secretary Rajeev Kumar as additional director. Puneet Sharma will resign from Axis Bank to become the new CFO of HDFC, while Bandhan Bank CFO Rajiv Mantri has also stepped down.
Mumbai (Maharashtra) [भारत]June 30 (ANI): India’s banking sector on Monday witnessed several changes at the senior management level. HDFC Bank, Axis Bank and Bandhan Bank announced key appointments and resignations through separate stock exchange filings.
Large scale recruitment in HDFC Bank
The most significant development came from HDFC Bank, which appointed former finance secretary and former Chief Election Commissioner Rajeev Kumar as an additional director (independent director) for a period of four years from June 30, 2026. The appointment is subject to shareholder approval. The appointment is being seen as paving the way for Kumar to take over as chairman of the bank after the completion of the current chairman’s tenure.
In another significant move, HDFC Bank approved the appointment of Punit Sharma as Chief Financial Officer-Designate with effect from September 1, 2026. He will take over as the Chief Financial Officer from December 1, 2026. The bank also appointed Jigar Shah as General Counsel-designate with effect from August 20, 2026 and as General Counsel with effect from October 1, 2026. Both the officers will become part of the senior management of the bank from their respective dates of joining.
Puneet Sharma’s appointment at HDFC Bank comes soon after Axis Bank announced his resignation from the post of Chief Financial Officer.
Changes also took place in Axis Bank
In a stock exchange filing, Axis Bank said, “Puneet Sharma, Chief Financial Officer of the Bank, has tendered his resignation effective June 28, 2026, to pursue the next phase of his professional journey.” He will be relieved from the services of the Bank at the close of business hours on August 31, 2026 and will cease to be a key managerial personnel from that date.
Apart from the resignation of the CFO, the board of Axis Bank approved the reappointment of CH S Mallikarjunrao 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, who has been designated as Executive Director, as a Whole-Time Director for a further period of three years from February 27, 2027 to February 26, 2030, subject to the approval of the Reserve Bank of India and the shareholders.
CFO of Bandhan Bank resigns
Meanwhile, Bandhan Bank also announced the resignation of its Chief Financial Officer Rajiv Mantri. According to the bank’s filing, the minister, who also serves as a key managerial personnel, resigned with effect from June 29, 2026, to explore another opportunity from a career growth perspective. His last working day with the bank will be September 25, 2026.
“Bandhan Bank Limited (‘Bank’) wishes to inform that Mr. Rajiv Mantri, Chief Financial Officer (‘CFO’) and Key Managerial Personnel (‘KMP’) have tendered their resignation vide letter dated June 29, 2026,” Bandhan Bank said.
The developments come on a significant day of leadership changes in India’s private banking sector, which saw two major banks resign from the post of CFO, while HDFC Bank took steps to strengthen its board and senior management team through key appointments. (ANI)
(Except for the headline, this story has not been edited by Asianetnews Editorial staff and is published from a syndicated feed.)