Deputy MD Rajiv Anand To Retire From Axis Bank After 16 Years

The board of Axis Bank Ltd. has approved the retirement of deputy managing director Rajiv Anand from Aug. 3, the bank informed exchanges on Friday. This will be upon completion of his third term as a director on the bank's board.

Anand, who has been with the bank since 2009, is currently serving as the deputy MD since Dec. 27, 2021, and has served as a whole-time director since 2016.

"Rajiv has been instrumental in transforming the corporate bank and contributed to building our retail franchise in its formative years... We have a strong leadership pipeline at the Bank," the private sector lender said.

Even after his retirement, Anand will continue with Axis group as a non-executive chairperson of Axis Max Life Insurance Ltd.

Separately, the board also announced certain changes in its senior management as it has appointed Sameer Shetty as group executive, digital business and transformation and strategic programmes.

It also approved the appointment of Bipin Saraf as group executive for Bharat banking and Rajkamal Vempati as group executive, human resources. All these positions have come into effect from April 1.

On Thursday, Axis Bank reported March quarter results, which saw higher provisions and expenses that weighed on its standalone net profit at Rs 7,117.5 crore, down 0.1% on year.

Provisions and contingencies of the bank rose 15% year-on-year to Rs 1,359 crore. Net interest income grew 6% year-on-year to Rs 13,811 crore.