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Axis Bank Names Former Bandhan Bank CFO Rajeev Mantri as New Chief Financial Officer
Axis Bank Limited announced on 18 July 2026 that Rajeev Mantri, the former chief financial officer of Bandhan Bank, will become the bank’s new chief financial officer (CFO). Mantri is scheduled to take office on 28 September 2026, pending the necessary regulatory and statutory approvals.
The appointment follows the resignation of Puneet Sharma, who had served as Axis Bank’s CFO since March 2020. Sharma tendered his resignation on 29 June 2026 and will be relieved from the position at the close of business on 31 August 2026. The bank’s board approved Mantri’s appointment and noted that it is subject to approval by the Reserve Bank of India (RBI) and, where applicable, by shareholders.
Mantri brings more than twenty‑two years of experience in banking and financial services. Prior to joining Bandhan Bank, he was the CFO of that institution, where he was responsible for financial strategy, capital management, business finance, investor relations and regulatory engagement. Before that, Mantri spent over fifteen years at ICICI Bank, holding senior leadership roles across finance, business planning, analytics and strategy.
Axis Bank’s decision to bring in Mantri comes at a time when the lender is concentrating on strengthening profitability, managing asset quality and driving growth across its retail and corporate banking businesses. As India’s third‑largest private sector bank by assets, Axis Bank has been under pressure to improve its return on assets and to address non‑performing asset levels that have risen in recent quarters.
The regulatory filing that announced the appointment states that the board’s decision is subject to the approval of the RBI, the central bank’s supervisory authority over all Indian banks. The RBI’s approval is a standard requirement for any change in senior executive positions in a systemically important bank.
Axis Bank’s shareholders will also be consulted where required. The bank’s governance framework requires that significant changes in senior management be disclosed to the market and, where necessary, approved by the shareholders in a special resolution.
Mantri’s move to Axis Bank follows his resignation from Bandhan Bank, which he announced on 29 June 2026. Bandhan Bank confirmed that he would leave the bank on 25 September 2026, after submitting his resignation on 29 June. The Bandhan Bank filing indicated that Mantri’s departure was part of a career‑growth decision.
In the broader context of the Indian banking sector, leadership changes at major banks are closely watched by investors and regulators. Axis Bank’s CFO transition is part of a broader trend of senior executives moving between banks in the country, as institutions seek to bring in talent with experience in capital markets, risk management and regulatory compliance.
Axis Bank’s board noted that Mantri’s experience at ICICI Bank and Bandhan Bank will be valuable as the bank seeks to navigate a challenging economic environment marked by higher interest rates, inflationary pressures and a slowdown in the real‑estate sector. The bank’s focus on asset quality has been reflected in its recent quarterly reports, which show a modest improvement in the non‑performing asset ratio.
The appointment also signals Axis Bank’s intent to reinforce its financial management capabilities. In its latest earnings release, the bank highlighted the need for disciplined capital allocation and cost control to maintain its competitive position in the retail banking market.
As of the announcement, Axis Bank’s share price was trading around ₹1,360, reflecting market expectations for the bank’s upcoming earnings report. Investors will be watching the bank’s 2026 earnings release for guidance on profitability and capital adequacy, as well as any updates on the regulatory approval process for Mantri’s appointment.
The transition is expected to be completed by the end of September 2026, after which Mantri will assume responsibility for the bank’s financial strategy, reporting, and regulatory compliance. The bank has not yet disclosed a detailed transition plan, but it has stated that the change will be managed in a manner that ensures continuity of financial operations.
In summary, Axis Bank’s appointment of Rajeev Mantri as CFO replaces Puneet Sharma and is part of the bank’s broader strategy to strengthen its financial management and governance. The move is subject to RBI and shareholder approvals, and it comes at a time when the bank is focused on improving profitability and asset quality in a challenging macroeconomic environment.
The appointment follows the resignation of Puneet Sharma, who had served as Axis Bank’s CFO since March 2020. Sharma tendered his resignation on 29 June 2026 and will be relieved from the position at the close of business on 31 August 2026. The bank’s board approved Mantri’s appointment and noted that it is subject to approval by the Reserve Bank of India (RBI) and, where applicable, by shareholders.
Mantri brings more than twenty‑two years of experience in banking and financial services. Prior to joining Bandhan Bank, he was the CFO of that institution, where he was responsible for financial strategy, capital management, business finance, investor relations and regulatory engagement. Before that, Mantri spent over fifteen years at ICICI Bank, holding senior leadership roles across finance, business planning, analytics and strategy.
Axis Bank’s decision to bring in Mantri comes at a time when the lender is concentrating on strengthening profitability, managing asset quality and driving growth across its retail and corporate banking businesses. As India’s third‑largest private sector bank by assets, Axis Bank has been under pressure to improve its return on assets and to address non‑performing asset levels that have risen in recent quarters.
The regulatory filing that announced the appointment states that the board’s decision is subject to the approval of the RBI, the central bank’s supervisory authority over all Indian banks. The RBI’s approval is a standard requirement for any change in senior executive positions in a systemically important bank.
Axis Bank’s shareholders will also be consulted where required. The bank’s governance framework requires that significant changes in senior management be disclosed to the market and, where necessary, approved by the shareholders in a special resolution.
Mantri’s move to Axis Bank follows his resignation from Bandhan Bank, which he announced on 29 June 2026. Bandhan Bank confirmed that he would leave the bank on 25 September 2026, after submitting his resignation on 29 June. The Bandhan Bank filing indicated that Mantri’s departure was part of a career‑growth decision.
In the broader context of the Indian banking sector, leadership changes at major banks are closely watched by investors and regulators. Axis Bank’s CFO transition is part of a broader trend of senior executives moving between banks in the country, as institutions seek to bring in talent with experience in capital markets, risk management and regulatory compliance.
Axis Bank’s board noted that Mantri’s experience at ICICI Bank and Bandhan Bank will be valuable as the bank seeks to navigate a challenging economic environment marked by higher interest rates, inflationary pressures and a slowdown in the real‑estate sector. The bank’s focus on asset quality has been reflected in its recent quarterly reports, which show a modest improvement in the non‑performing asset ratio.
The appointment also signals Axis Bank’s intent to reinforce its financial management capabilities. In its latest earnings release, the bank highlighted the need for disciplined capital allocation and cost control to maintain its competitive position in the retail banking market.
As of the announcement, Axis Bank’s share price was trading around ₹1,360, reflecting market expectations for the bank’s upcoming earnings report. Investors will be watching the bank’s 2026 earnings release for guidance on profitability and capital adequacy, as well as any updates on the regulatory approval process for Mantri’s appointment.
The transition is expected to be completed by the end of September 2026, after which Mantri will assume responsibility for the bank’s financial strategy, reporting, and regulatory compliance. The bank has not yet disclosed a detailed transition plan, but it has stated that the change will be managed in a manner that ensures continuity of financial operations.
In summary, Axis Bank’s appointment of Rajeev Mantri as CFO replaces Puneet Sharma and is part of the bank’s broader strategy to strengthen its financial management and governance. The move is subject to RBI and shareholder approvals, and it comes at a time when the bank is focused on improving profitability and asset quality in a challenging macroeconomic environment.
