Axis Bank's Retail Lending Chief Resigns

Sumit Bali, who is the group executive of Axis Bank Ltd.'s retail lending business, resigned from his position on Wednesday.

Bali will leave the bank at the end of business hours on Aug. 16 after four years of service, the bank informed exchanges on Thursday.

Bali had taken over the role at Axis Bank in 2020 during the first wave of Covid-19. Prior to this, he had a two-year stint as Chief Executive Officer of IIFL Finance. He had also served as senior vice president at Kotak Mahindra Bank between 2014 and 2018, where he took care of consumer banking retail asset products.

In the March quarter, Axis Bank reported a net profit of Rs 7,130 crore, compared to a loss of Rs 5,728.4 crore in the same period last year. Retail advances, which account for 60% of the bank's net advances, increased by 20% year over year.

Furthermore, Axis Bank has appointed Anuranjan Kumar as the private lender's Chief Compliance Officer for a period of three years, starting Friday, according to the bank's filing.

Kumar's tenure is valid up to June 13, 2027, and he will take over from Bimal Bhattacharyya. Kumar is currently heading the operational health and control department at the bank.