RBI approves Amitabh Chaudhry's appointment as Axis Bank CEO

Mumbai: The Reserve Bank of India (RBI) on Monday approved the appointment of Amitabh Chaudhry as the new Managing Director and CEO of Axis Bank for a period of three years, starting January next year.

"We wish to inform you that the Board of Directors (the Board) of the Bank at its meeting held today has taken on record the approval granted by the Reserve Bank of India (RBI) to the appointment of Shri Amitabh Chaudhry as the Managing Director and CEO of the Bank. for a period of 3 years. with effect from January 1, 2019, up to 31 December 2021 (both days inclusive) and the terms and conditions relating to the said appointment, including remuneration," an official release from the private lender noted.

The bank further noted that a meeting of the Board would be convened in due course to inter alia approve Chaudhry's appointment in terms of the said RBI approval and subject to compliance with the prescribed formalities under the existing laws.

Chaudhry, who will be a successor to incumbent CEO Shikha Sharma, is currently the Managing Director and CEO of HDFC Standard Life Insurance Company Ltd and has been associated with the firm since January 2010.

The 54-year-old started his career in corporate banking with the Bank of America in 1987, where he worked in diverse roles ranging from Country Finance Officer, Head of Wholesale and GCMG Finance in Asia Division and thereafter as the Managing Director and Head Technology Investment Banking, Asia.

An alumnus of Birla Institute of Technology and Science, Pilani and the Indian Institute of Management, Ahmedabad, Chaudhry was also associated with CALYON Bank (formerly Credit Lyonnais Securities Asia (CLSA) and Infosys BPO Ltd.