Pralay Mondal, Executive Director and Head of Retail Banking at Axis Bank has resigned from his position, a little over a year after he joined the bank.
“Pralay Mondal, Executive Director (Retail Banking) at Axis Bank, will be stepping down in the month of September 2020 to pursue other opportunities”, Axis Bank said in a statement.
A senior bank official who spoke to CNBC-TV18 on the condition of anonymity said that Mondal resigned from the bank to head another smaller private sector bank.
Two separate people in the know said that Mondal may join as head of Kerala-based Catholic Syrian Bank, but CNBC-TV18 could not corroborate this with Pralay Mondal.
Fairfax backed Catholic Syrian Bank re-appointed Rajendran Chinna Veerappan as MD & CEO of the bank in December 2019 for a period of three years, which ends on December 8, 2022.
“It’s an unanticipated but unavoidable development owing to some personal compulsions. It has been an absolute honour to lead the Retail Banking team at Axis and together we have achieved a lot. Axis is a strong franchise and I will proudly admire as the business continues to grow in the years to come. I got the opportunity to work with a great leadership team and I wish the Bank all the very best in all its endeavours,” Pralay Mondal said in his statement.
"There is a lesson to be learnt from this for all of us," said a person in the know, without divulging any further details. This person added that Axis has enough talent within the bank, and will soon be identifying a new head for the retail business. "We don't need to hunt for talent outside, there are a lot of people within the organisation who can step up," he said.
An engineer from IIT, Kharagpur and a management graduate from IIM, Calcutta, Mondal have over 30 years of experience in the field of banking. He joined Axis Bank in April 2019 to head their Retail business, soon after Amitabh Chaudhry had taken over as the new Chief Executive Officer.
Before joining Axis Bank, Mondal was the Senior Group President and Head of Retail and Business Banking at Yes Bank. Prior to that, he was associated with HDFC Bank, Standard Chartered Bank, Wipro Infotech & Colgate Palmolive.