Axis Bank, a leading private sector bank, has announced the appointment of N.S. Vishwanathan, former Deputy Governor of the Reserve Bank of India (RBI), as its part-time Non-Executive Chairman. The board of directors has appointed Vishwanathan for a tenure of three years, subject to approval from the bank’s shareholders and the RBI.
In May, Axis Bank had already welcomed Vishwanathan as an independent director, recognizing his immense knowledge and expertise in the financial sector. Adding to his recent appointments, Vishwanathan was also named the head of the advisory board at Razorpay in April 2023. With a distinguished career spanning almost four decades at the central bank, Vishwanathan retired as the Deputy Governor in March 2020, bringing extensive experience and insights to his new role.
Amitabh Chaudhry, MD & CEO of Axis Bank, expressed his delight and privilege in welcoming Vishwanathan to the Axis family. Chaudhry emphasized that Vishwanathan’s deep understanding of the financial sector and regulatory landscape would enhance strategic decision-making while upholding the highest standards of compliance and corporate governance. The addition of Vishwanathan to the board further strengthens Axis Bank’s commitment to sustainable growth and profitability.
Currently, Vishwanathan serves as the Non-Executive Chairman of the Governing Council at the Institute for Development and Research in Banking Technology, Hyderabad. He also holds the position of Chairman of the Academic Council of the College of Supervisors at the RBI, Mumbai. These roles demonstrate his continued dedication to contributing to the development and advancement of the banking sector.
Axis Bank recently reported a net loss of ₹5,728.42 crore for the quarter, a significant decline from the net profit of ₹4,117.77 crore during the same period the previous year. The bank attributed this loss to the acquisition costs associated with Citi Bank’s India consumer division during the March quarter.
Despite the financial setback, Axis Bank’s total income for the quarter ended in March rose to ₹28,865.08 crore, compared to ₹21,999.58 crore in the corresponding quarter of the previous year. Notably, the Net Interest Income (NII) increased by 33% year over year to ₹11,742 crore. The bank also witnessed a net interest margin (NIM) of 4.22%, reflecting a 73 basis points improvement from the previous year and a 2% sequential increase.
On the stock market, Axis Bank’s scrip ended on a positive note, closing 0.37% higher at ₹980.90 on the BSE.
Axis Bank’s decision to appoint N.S. Vishwanathan as the Non-Executive Chairman reinforces the bank’s commitment to leveraging expertise and experience in driving strategic growth. With Vishwanathan’s guidance, Axis Bank aims to navigate the evolving financial landscape and maintain its position as a leading player in the banking sector.
