Axis Bank’s chairman Sanjiv Mishra is getting replaced by the newly appointed Rakesh Makhija as the non-executive part-time chairman until Sanjiv’s term expires, the term is expiring on July 17.
Makhija is appointed for the post for  3 years till July 2022, as said by the bank. Makhija’s appointment and remuneration are subject to the acceptance of the Reserve Bank of India and the shareholders of the private lender, the bank said.
Makhija has been the independent director of the private lender since 2015. He is also the chairman of the Nomination and Remuneration Committee, member of the Audit Committee, Acquisition, Divestments, and Mergers Committee and the Special Committee of the Board for monitoring of large value frauds of the bank.
Makhija is also the chairman of SKF India Ltd, he also serves as the director on the Board of Tata Technologies Ltd., Tata Marcopolo Motors Ltd., and A. TREDS Ltd.
Read EquityPandit’s Nifty Bank Outlook for the Week