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In a significant leadership transition, Axis Bank has announced the retirement of its Deputy Managing Director, Rajiv Anand, effective August 3, 2025, marking the end of his third term on the bank’s Board. Anand’s departure closes a pivotal chapter in the bank’s evolution, as he played a central role in reshaping its corporate banking strategy and expanding its retail footprint.
A Legacy of Transformation
Rajiv Anand joined Axis Bank in May 2013, bringing with him over three decades of experience across capital markets, asset management, and banking. He previously served as Managing Director & CEO of Axis Asset Management Company, and held leadership roles at HSBC, Standard Chartered, and ABN AMRO Bank.
During his tenure at Axis Bank, Anand held several key positions, including Head of Retail Banking and Executive Director (Wholesale Banking), before being elevated to Deputy Managing Director in August 2022. His leadership was instrumental in:
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Transforming the Corporate Bank into a more agile and customer-centric division
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Building the retail franchise during its formative years
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Strengthening the leadership pipeline, ensuring continuity and resilience in client service and competitive positioning
The bank, in its official statement, acknowledged Anand’s contributions:
“Rajiv has built and groomed a strong team. We have a strong leadership pipeline at the Bank that will ensure that our clients continue to receive best-in-class service and our competitive positioning continues to improve”.
What’s Next for Rajiv Anand?
While Anand is stepping down from his executive role, his association with the Axis Group will continue. He will assume the position of Non-Executive Chairperson of Axis Max Life Insurance Ltd, a joint venture between Axis Bank and Max Financial Services. This move ensures that his strategic insight and leadership remain within the Axis ecosystem.
Axis Bank’s Succession Plan
With Anand’s retirement, Axis Bank is preparing to appoint a new Executive Director (ED) to maintain its leadership structure in line with Reserve Bank of India (RBI) guidelines. The RBI mandates that private sector banks have a Managing Director & CEO and three Whole-Time Directors on the Board.
Currently, Munish Sharda and Subrat Mohanty serve as Executive Directors. Axis Bank’s MD & CEO Amitabh Chaudhry confirmed during the Q1 FY26 press conference that the Nomination and Remuneration Committee (NRC) is actively evaluating candidates for the third ED position.
“So, Rajiv retires in August. As per expectations of the Reserve Bank of India, we need to have an MD & CEO and three Executive Directors. NRC is actively looking at who and when we appoint a third director of the bank,” said Chaudhry.
Financial Snapshot: Strong Q4 Performance
Axis Bank’s leadership transition comes on the heels of a robust financial performance in the March quarter:
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Net Profit: ₹7,117.5 crore (flat YoY)
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Net Interest Income (NII): ₹13,810.5 crore (up 5.5% YoY)
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Net Interest Margin (NIM): Improved to 3.97%
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Core Operating Profit: ₹10,575 crore (up 11% YoY)
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Gross NPA Ratio: 1.28% (down 15 bps YoY)
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Net NPA Ratio: 0.33% (down 2 bps QoQ)
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Balance Sheet: Expanded 9% YoY to ₹16.09 lakh crore
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CASA Ratio: Improved to 41% from 39% in Q3FY25
These figures reflect a bank in strong operational health, well-positioned to absorb leadership changes without disruption.
Industry Perspective
Anand’s retirement is seen as a natural progression in Axis Bank’s leadership evolution. His continued presence as Chairperson of Axis Max Life Insurance ensures strategic continuity, especially in the bank’s insurance and wealth management verticals.
Banking analysts note that Axis Bank’s proactive succession planning and strong financials will help maintain investor confidence and operational momentum.
Sources: Economic Times, ET BFSI, BusinessWorld
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