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Axis Bank executive director Pralay Mondal resigns to head another private bank

Axis Bank said that its nomination and remuneration committee has initiated the succession planning process for the said post and it will keep the exchange posted on the same in due course

twitter-logoBusinessToday.In | June 15, 2020 | Updated 22:24 IST
Axis Bank executive director Pralay Mondal resigns to head another private bank
Before joining Axis Bank, Pralay Mondal was the Senior Group President and Head of Retail and Business Banking at YES Bank

Veteran banker Pralay Mondal has resigned as executive director and head of retail banking at Axis Bank, over a year after joining the bank in April 2019. Mondal has resigned to pursue a leadership role at another smaller private sector lender, as per media reports.

Confirming the development, Axis Bank in an exchange filing said that Pralay Mondal, Executive Director (Retail Banking) of the bank, has resigned from the services of the lender to pursue other career opportunities. He will demit office on September 14 this year, the lender said.

The lender further stated that Mondal has requested the board to relieve him from the services from the said date.

Axis Bank said that its nomination and remuneration committee has initiated the succession planning process for the said post and it will keep the exchange posted on the same in due course.

"The bank places on record its appreciation for the contributions made by Pralay Mondal during his tenure as executive director (retail banking) of the bank and wish him the very best in his future endeavors," Axis Bank said in a filing to the Bombay Stock Exchange.

Before joining Axis Bank, Mondal, an engineer from IIT Kharagpur and a management graduate from IIM Calcutta, was the Senior Group President and Head of Retail and Business Banking at YES Bank since September 2012. Before that, he was associated with HDFC Bank, Standard Chartered Bank, Wipro Infotech & Colgate Palmolive. ?

Ahead of the announcement, shares of Axis Bank closed Monday's trade at Rs 389.35 apiece, down 4.55 per cent, on the BSE.

By Chitranjan Kumar

Also Read: Axis Bank results: FY20 profit plunges 65% to Rs 1,627 crore on higher provisions, one time DTA charge

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