Amitabh Chaudhry reappointed as Axis Bank MD & CEO
Appointment
5 min read
Amitabh Chaudhry has been re-appointed as the managing director (MD) and chief executive officer (CEO) of Axis Bank. The Board of the Axis Bank approved the re-appointment of Amitabh Chaudhry for the next three years, effective 1 January 2025. This was the second extension for Amitabh Chaudhary.
Amitabh Chaudhry was appointed as the MD & CEO of the Axis Bank in 2019. Before his appointment as the MD & CEO of Axis Bank, Amitabh Chaudhry was the MD & CEO of HDFC Life Insurance company.
In 2022, he was given a three-year extension by the Axis Bank.
However, as per the regulatory provision, Amitabh Chaudhry's name for the MD & CEO post needs to be approved by the Reserve Bank of India and the shareholders of Axis Bank.
Regulatory Provision Regarding Private Sector Bank’s MD and CEO
Under section 10B and 35 B of the Banking Regulation Act 1949, the banks regulated by RBI must seek the RBI's approval for the appointment of part-time Chairman/Managing Director/ whole-time Chairman and Chief Executive Officers and the terms and conditions governing their appointments. The Department of Banking Operations and Development of RBI deals with the appointment of top posts in the private sector banks.
Retirement Age of Top Post in Private Banks
- According to the RBI, a person cannot be the MD&CEO or WTD (Whole-time Director) of a private bank for more than15 years.
- A person who is a promoter or major shareholder of the bank can remain the MD&CEO or WTD for not more than 12 years. If the RBI permits, the person can continue for 15 years.
- No person can continue as the MD&CEO or WTD beyond the age of 70 years,
- Banks are free to prescribe a lower age limit for their MD CEO or WTD retirement.
About Amitabh Chaudhry
Amitabh Chaudhry completed his engineering course at Birla Institute of Technology and Science, Pilani, and he has a postgraduate degree in business management from IIM, Ahmedabad.
He started his career with Bank of America in 1987 and played diverse roles, such as Head of Technology Investment Banking for Asia, Regional Finance Head for Wholesale Banking, etc. He also worked for Credit Lyonnais Securities, Infosys BPO and HDFC Life before joining Axis Bank on 1 January 2019.
Axis Bank
Axis is India's third largest private bank by assets after HDFC Bank and ICICI Bank.
The Axis Bank was earlier known as UTI Bank and it commenced its banking operation in 1994.
In 2007, the name of the bank was changed to Axis Bank.
The Bank has over 5,100 domestic branches (including extension counters) and over 15,000 ATMs in India. It also has overseas branches in Singapore, Dubai, and Gift City-IBU. It has representative offices in Dhaka (Bangladesh) and an overseas subsidiary in London, United Kingdom.
Headquarters: Mumbai, Maharashtra
Tagline: Badhti Ka Naam Zindagi
Md and CEO: Amitabh Chaudhary
