Days after the Reserve Bank of India (RBI) asked the board of the Axis Bank to reconsider their decision to extend the tenure of Shikha Sharma, MD and CEO of the private bank, she has requested the board to reconsider the period of her re-appointment as the MD & CEO for a period of six months from June 01, 2018 to December 2018. Her original extension was for a three year period starting June 2018 to June 2021.
The senior most senior management executives in the bank are V Srinivasan, Deputy MD, who comes with a corporate background. Rajiv Anand, Executive Director, has done extensive retail banking. Rajesh Dahiya is the executive director (Corporate Centre), which has a human resource background.
Will it be an outsider for the top job or an insider, this will be a key question as the board prepares to cope with the exit of Ms. Sharma.
The bank has been in the news for the last 2-3 years for all the wrong reasons. There was a spike in the bank's NPAs in the last few years. While it was partly because of the slowdown in the economy and key infrastructure sector not doing well, the bank saw a huge rise in its gross NPAs as compared to other banks. Axis Bank was the first to slip amongst the private bank, though other banks like ICICI Bank joined in later. The net NPAs were at 2.31 percent in 2016-17. The gross divergence in NPAs was at 129.06 percent in the same period.
The bank is the seventh largest bank with a balance sheet of Rs 6 lakh crore plus. In fact, there was a talk of a merger with Kotak Bank because of the rising NPAs in its book.
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Shikha Sharma prepares for exiting Axis Bank
By IndianMandarins - 2018-04-10 11:35:51
Days after the Reserve Bank of India (RBI) asked the board of the Axis Bank to reconsider their decision to extend the tenure of Shikha Sharma, MD and CEO of the private bank, she has requested the board to reconsider the period of her re-appointment as the MD & CEO for a period of six months from June 01, 2018 to December 2018. Her original extension was for a three year period starting June 2018 to June 2021.
The senior most senior management executives in the bank are V Srinivasan, Deputy MD, who comes with a corporate background. Rajiv Anand, Executive Director, has done extensive retail banking. Rajesh Dahiya is the executive director (Corporate Centre), which has a human resource background.
Will it be an outsider for the top job or an insider, this will be a key question as the board prepares to cope with the exit of Ms. Sharma.
The bank has been in the news for the last 2-3 years for all the wrong reasons. There was a spike in the bank's NPAs in the last few years. While it was partly because of the slowdown in the economy and key infrastructure sector not doing well, the bank saw a huge rise in its gross NPAs as compared to other banks. Axis Bank was the first to slip amongst the private bank, though other banks like ICICI Bank joined in later. The net NPAs were at 2.31 percent in 2016-17. The gross divergence in NPAs was at 129.06 percent in the same period.
The bank is the seventh largest bank with a balance sheet of Rs 6 lakh crore plus. In fact, there was a talk of a merger with Kotak Bank because of the rising NPAs in its book.
