India’s banking sector saw several senior management shifts on Monday as HDFC Bank, Axis Bank and Bandhan Bank disclosed key appointments and departures via stock exchange filings.
HDFC Bank named former Finance Secretary and former Chief Election Commissioner Rajiv Kumar as Additional Director and Independent Director for four years starting June 30, 2026. The move, which requires shareholder approval, positions Kumar to become the bank’s chairman after the current chairman’s term ends.
The lender also named Puneet Sharma Chief Financial Officer-Designate from September 1, 2026, with full CFO duties beginning December 1, 2026. Jigar Shah was appointed General Counsel-Designate effective August 20, 2026, and General Counsel from October 1, 2026. Both will join senior management on their start dates.
Sharma’s appointment at HDFC Bank followed his resignation as CFO at Axis Bank. Axis Bank stated that Sharma resigned on June 28, 2026, to pursue the next stage of his career and will leave on August 31, 2026.
Axis Bank’s board also approved the reappointment of CH S S Mallikarjunarao as Independent Director for a second four-year term from February 1, 2027, to January 31, 2031, and the reappointment of Munish Sharda as Whole-Time Director and Executive Director for three years from February 27, 2027, to February 26, 2030, both subject to necessary approvals.
Separately, Bandhan Bank announced the resignation of CFO Rajeev Mantri, who stepped down on June 29, 2026, to pursue another opportunity. His final day with the bank is September 25, 2026.
