With the Indian banking sector going through a tough period, a number of banks have resorted to shuffling their resources to manage the situation. While some banks have chosen to realign their executives, there have also been instances of senior executives choosing to disassociate themselves from their employers.
In the latest such move, two top executives of Axis Bank, V. Srinivasan and Sidharth Rath have quit from their posts, as per a report by LiveMint. While V. Srinivasan was the deputy managing director of the bank, Sidharth Rath was the head of corporate and transaction banking in Axis Bank.
The report stated that Rath might join Standard Chartered as the head of their corporate banking. Rath has been associated with Axis Bank for over 16 years, having joined the bank in 2001. S.M. Sundaresan is likely to replace him as the new head of corporate banking at Axis.
Srinivasan has been associated with the bank since 2009.
Axis Bank, the third largest private bank in the country has been under the heat of late, with it registering a six-fold jump in its NPAs (non-performing assets) over the last two years. It was fined a sum of Rs.3 crore by the Reserve Bank of India for having flouted the NPA norms.
Additionally, the Department of Telecommunications recently asked ministry officials, telecom companies and associations to refrain from accepting any bank guarantees provided by Axis Bank. The bank has approached the telecom tribunal to get the issue resolved.
Axis Bank is also under the scanner of SEBI for having allegedly leaked sensitive information before the official announcement of such results.