Axis Bank appoints former RBI Deputy Governor N S Vishwanathan as non-executive chairman

In a significant development for Axis Bank, the Reserve Bank of India (RBI) on Thursday said that it has given its approval for the appointment of N S Vishwanathan as the non-executive (part-time) chairman of the bank. 

Vishwanathan's appointment has been cleared for a three-year term. However, this appointment is subject to the final approval of the shareholders of Axis Bank at the lender's AGM on Friday.

As per the bank's official statement, NS Vishwanathan's role as the chairman will become effective from October 27, 2023, or from the date of approval by the Reserve Bank of India, whichever comes first. This marks a significant step in Vishwanathan's journey with Axis Bank, as he was earlier appointed as an independent director by the lender in May.

Vishwanathan brings with him a wealth of experience as a career central banker. Having joined the RBI in 1981 as a Direct Recruit Officer, he steadily climbed the ranks and ultimately retired as the Deputy Governor of the RBI in March 2020.

His vast expertise and knowledge of the banking sector are expected to be valuable assets for Axis Bank in the coming years.

It is worth mentioning that prior to this appointment, Vishwanathan was also assigned the responsibility of heading the advisory board at Razorpay, showcasing his continued engagement and commitment to the financial domain. 

As he takes on the role of non-executive chairman at Axis Bank, the industry will keenly observe the direction and strategic decisions he steers for the bank during his tenure.

Axis Bank on Wednesday posted a 40.5 per cent increase in standalone net profit at Rs 5,797 crore in the April-June quarter, mainly due to decline in bad loans and improvement in interest income.

The bank had posted a net profit of Rs 4,125 crore in the year-ago period.

Total income in the first quarter of the current fiscal rose to Rs 30,644 crore as against Rs 21,657 crore, Axis Bank said in a regulatory filing.

The lender's interest income also increased to Rs 25,557 crore from Rs 18,729 crore in the same quarter a year ago.

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