Axis Bank, Bandhan Bank CFOs resign within days of each other

Two private-sector banks lost their chief financial officers in consecutive days, with Axis Bank and Bandhan Bank announcing the resignations of Puneet Sharma and Rajeev Mantri on Monday.

Axis Bank said Sharma, its CFO since 2020, submitted his resignation on June 28 to "pursue next phase of his professional journey." He will leave at the close of business on Aug. 31, the bank said in a regulatory filing.

Bandhan Bank said Mantri resigned on June 29 to pursue "another opportunity from career growth perspective." His last day as CFO and key managerial personnel will be Sept. 25, per the filing.

Word on the street has Sharma and Mantri swapping roles – Sharma to HDFC Bank as CFO, Mantri to Axis Bank in the same position. Neither bank confirmed the speculation.

Sharma, in his resignation letter to Axis Bank MD & CEO Amitabh Chaudhry, said his core mandate six years ago was to build a strong team, tighten financial controls, and improve shareholder trust. "These objectives are now largely complete," he wrote. "The Bank is today anchored by capable functional teams in each of the aforementioned areas, rigorous reporting governance, and a resilient balance sheet that positions us for long-term growth."

Axis Bank's Alpha Score sits at 46/100, labeled Mixed, in the Financial Services sector. The stock page is HDB stock page.

The resignations come as banks across India face pressure to strengthen compliance and reporting functions after a series of regulatory actions on governance lapses. Both banks said the departures were voluntary and not related to any regulatory probe.

Axis Bank said it will appoint a replacement before Sharma's exit. Bandhan Bank said it will name a new CFO in due course.