Axis Bank on Friday said that it has appointed former Reserve Bank of India (RBI) Deputy Governor NS Vishwanathan as a part-time Non-Executive Chairman.
The board of directors of the bank have appointed Vishwanathan for a period of three years.
“The Board of Directors of Axis Bank at its meeting held today approved the appointment of N. S. Vishwanathan, Independent Director as the Non-Executive (Part-time) Chairman of the Bank for a period of three years, subject to approval of the shareholders of the Bank and Reserve Bank of India,” said Axis Bank in its release.
Earlier, in May, Axis Bank had appointed Vishwanathan as an independent director. Other than Axis Bank, Vishwanathan, in April 2023 was appointed as head of the advisory board at Razorpay.
Vishwanathan had joined the RBI in 1981 and retired in March 2020 as the Deputy Governor, spanning a career of nearly four decades at the central bank.
“We are delighted and privileged to welcome Mr. Vishwanathan to the Axis family. His profound knowledge, understanding of the financial sector and expertise in navigating the regulatory landscape will augment strategic decision-making, while further enhancing our commitment to uphold the highest standards of compliance and corporate governance. With his presence on the Board, we are well-positioned to advance our agenda of sustainable growth and profitability,” said Amitabh Chaudhry, MD & CEO, Axis Bank.
He currently serves as the Non-Executive Chairman of the Governing Council at the Institute for Development and Research in Banking Technology, Hyderabad, as also of the Academic Council of the College of Supervisors, RBI, Mumbai.
Axis Bank reported a net loss of ₹5,728. 42 crore as against a net profit of ₹4,117.77 crore in the same quarter a year ago.
Axis Bank in an exchange filing said that it incurred a huge loss during the March quarter owing to purchasing cost of Citi Bank’s India consumer division during the quarter.
For the quarter ended March, the private bank’s total income stood at ₹28,865.08 crore as compared to ₹21,999.58 crore in same quarter a year ago.
For the quarter ended March, the Net Interest Income (NII) increased 33% year over year to ₹11,742 crore. The quarter’s net interest margin (NIM) was 4.22%, up 73 basis points year over year and 2% sequentially.
On Friday, the company’s scrip ended 0.37 per cent up at ₹980.90 on BSE.
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Updated: 16 Jun 2023, 07:34 PM IST