Private lender Axis Bank is all set to shorten Shikha Sharma’s tenure as Managing Director and Chief Executive Officer (CEO). Sharma long association with the bank will come to an end in December this year.
The decision was taken in the wake of Reserve Bank of India’s reluctance towards bank board’s proposal.
The board in its written communiqué to RBI has said that Sharma has requested for reducing her fourth term in December 2018 instead of May 2021.
“Shikha Sharma, Managing Director & CEO of the Bank has requested the Board to reconsider the period of her re-appointment as the Managing Director & CEO of the Bank be revised from 1st June 2018 up to 31st December 2018,” said the bank.
While the reason for RBI’s reluctance is unknown, it is believed to be due to the surge in Non-Performing Assets (NPAs).