The board of Axis Financial institution Ltd. has accepted the retirement of deputy managing director Rajiv Anand from Aug. 3, the financial institution knowledgeable exchanges on Friday. This will likely be upon completion of his third time period as a director on the financial institution’s board.
Anand, who has been with the financial institution since 2009, is at the moment serving because the deputy MD since Dec. 27, 2021, and has served as a whole-time director since 2016.
“Rajiv has been instrumental in remodeling the company financial institution and contributed to constructing our retail franchise in its childhood… Now we have a robust management pipeline on the Financial institution,” the non-public sector lender mentioned.
Even after his retirement, Anand will proceed with Axis group as a non-executive chairperson of Axis Max Life Insurance coverage Ltd.
Individually, the board additionally introduced sure modifications in its senior administration because it has appointed Sameer Shetty as group govt, digital enterprise and transformation and strategic programmes.
It additionally accepted the appointment of Bipin Saraf as group govt for Bharat banking and Rajkamal Vempati as group govt, human sources. All these positions have come into impact from April 1.
On Thursday, Axis Financial institution reported March quarter outcomes, which noticed greater provisions and bills that weighed on its standalone internet revenue at Rs 7,117.5 crore, down 0.1% on yr.
Provisions and contingencies of the financial institution rose 15% year-on-year to Rs 1,359 crore. Web curiosity revenue grew 6% year-on-year to Rs 13,811 crore.
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