The private banking sector saw two high-profile leadership exits on Monday, with Axis Bank and Bandhan Bank announcing the resignations of their chief financial officers (CFOs).
In a regulatory filing, Axis Bank said Puneet Sharma resigned on June 28 to pursue the next phase of his professional journey. In a late night filing on Monday, HDFC Bank named Puneet Sharma as chief financial officer, effective December 1, 2026. Sharma will join the lender as CFO-designate from September 1, after more than six years as the CFO of Axis Bank.
Separately, Bandhan Bank said its CFO and Key Managerial Personnel (KMP), Rajeev Mantri, tendered his resignation on June 29 to pursue another career opportunity.
The near-simultaneous departures have fuelled speculation in banking circles over a possible reshuffle. Reports suggest Bandhan’s Mantri is expected to move to Axis Bank in a similar role. Axis Bank has not officially confirmed the appointment of Mantri.
The disclosures by the two banks come days after Bhavin Lakhpatwala, an HDFC Bank veteran, quit as the lender’s executive vice-president to join smaller rival RBL Bank as its CFO.
The board of Axis Bank also approved the reappointment of CH S S Mallikarjunarao as an independent director of the bank for a second term of four years, with effect from February 1, 2027.
The board also approved the reappointment of Munish Sharda as whole-time director (designated as executive director) of Axis Bank.