CNBC-TV18 Exclusive: CFO shake-up across private banks: Axis, HDFC and Bandhan see leadership churn

Outgoing Axis Bank

Chief Financial Officer Puneet Sharma is set to join HDFC Bank as its next CFO, according to people familiar with the matter, in what would mark another significant senior leadership moves in India's private banking sector this year.

People familiar with the matter said Sharma is expected to succeed incumbent Chief Financial Officer Srinivasan Vaidyanathan after his term ends in October. CNBC-TV18 has also learnt that HDFC Bank's Nomination and Remuneration Committee is scheduled to meet on Monday, with Sharma's appointment likely to come up for discussion.

The move comes on the same day that Axis Bank announced Sharma's resignation. In his resignation letter, Sharma said the decision was made after "careful thought and reflection" and that he had decided to pursue the "next phase" of his professional journey.

Axis Bank said Sharma's resignation had been accepted and that his last working day would be August 31, 2026. The bank has not yet named his successor.

If appointed, Sharma would take over the finance function at HDFC Bank at a time when the lender is preparing for a planned leadership transition. The development also follows the recent departure of Bhavin Lakhpatwala, who had been regarded by many market participants as a potential internal successor to Vaidyanathan before leaving HDFC Bank to join RBL Bank as Executive Director and Chief Financial Officer. CNBC-TV18 was the first to report on Bhavin Lakhpatwala’s move to RBL Bank earlier this month.

Sources also indicate that Bandhan Bank Chief Financial Officer could be in line to join Axis Bank as a potential successor to Puneet Sharma, pointing to a broader reshuffle of senior finance leadership across private lenders.

Sharma has served as Axis Bank's Group Head and Chief Financial Officer since March 2020. Beyond leading the finance function, he oversees legal, secretarial, investor relations and procurement. He also serves as a nominee director on the boards of Axis Finance and Axis Securities.

During his six-year tenure as CFO, Axis Bank completed the acquisition and integration of Citibank India's consumer businesses, strengthened its capital position through successful fund raises, and accelerated investments in technology and digital banking.

Sharma was also a key interface with investors and analysts through a period of significant balance sheet growth and strategic execution.

Before joining Axis Bank, Sharma spent more than 12 years at Tata Capital, where he held several leadership positions, culminating in his appointment as Group Chief Financial Officer. In that role, he was responsible for finance, treasury, taxation, investor relations and corporate strategy across the Tata Group's financial services businesses.

Earlier in his career, Sharma worked at Citibank and Boston Consulting Group, giving him experience across corporate banking, strategy and financial services. He began his career with Lovelock & Lewes, the predecessor firm to PwC in India. Sharma is a Chartered Accountant and a Cost Accountant.

Puneet Sharma did not offer any comment on CNBC-TV18’s story. The responses from both HDFC Bank and Axis Bank were also awaited at the time of publishing this story.