Axis Bank receives RBI approval for appointing Munish Sharda as Executive Director

28 Feb 2024 , 09:59 AM

On Tuesday, Axis Bank gained clearance from the Reserve Bank of India (RBI) to nominate Munish Sharda as executive director.

In our letter dated October 26, 2023, we communicated that the Bank’s Board of Directors has given their approval for the appointment of Munish Sharda as a Whole-time Director, holding the designation of ‘Executive Director’ at the Bank. This includes details regarding his terms, conditions, and remuneration. The appointment is effective either from (i) November 1, 2023, or (ii) the date of approval by the Reserve Bank of India (‘RBI’), whichever occurs later. This information was disclosed in an exchange filing by the company.

Regarding this matter, we would like to update you that the Reserve Bank of India (RBI) has granted approval for the appointment of Munish Sharda as the ‘Executive Director’ of the Bank. The approval, conveyed through a letter dated February 27, 2024, is effective for a duration of three years, commencing from February 27, 2024.

Munish Sharda brings in 25 years of expertise in the banking and financial services industry. The Reserve Bank of India has accepted Munish Sharda’s nomination as executive director and full-time director of Axis Bank. Sharda took command for three years.

Since September 2021, the 52-year-old banker has worked as Axis Bank’s global executive for retail assets and CEO of Bharat Banking. He was in charge of fostering company growth in rural and semi-urban regions across all product categories.

Prior to this, the newly appointed ED was MD and CEO of Future Generali India Life Insurance Co. for more than seven years, where he oversaw change and growth and expanded the firm. He has worked in the consumer products business before, for Blow Plast Ltd. and Larsen & Toubro Ltd.

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