People walk past a branch of Axis Bank Ltd. (Photographer: Prashanth Vishwanathan/Bloomberg)  

Axis Bank Names Rakesh Makhija As Non-Executive Chairman

Axis Bank Ltd. appointed Rakesh Makhija as the non-executive part-time chairman of the bank for three years, replacing Sanjiv Misra whose term will expire on July 17.

Makhija will stay in office till July 2022, the bank said in its filing. Makhija’s appointment and remuneration are subject to the approval of the Reserve Bank of India and the shareholders of the private lender, it 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, Acquisitions, 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., and also serves as the director on the Board of Tata Technologies Ltd., Tata Marcopolo Motors Ltd. and A.TREDS Ltd.