BFSI's CFO Chairs Keep Changing Hands — Here's Who's In And Who's Out

India’s banking sector and non-banking financial companies (NBFCs) are facing an unusual wave of resignations and new appointments, with at least six chief financial officers stepping down from some of the country’s largest financial institutions.

This trend points to increasing leadership churn at the top tier of the industry. The organisations affected include HDFC, Axis Bank, Aavas Financiers, Emirates NBD’s RBL Bank, among others.

While each exit stems from distinct reasons, together they reflect a wider reshaping of finance leadership across the BFSI landscape.

Recent CFO Moves

Nutan Gaba Patwari, Home First Finance Company

Patwari took over as Home First Finance's CFO in January 2019 and tendered her resignation on June 25, with her exit effective August 31, 2026. In her resignation letter, she noted that the company's AUM grew from around ₹2,000 crore to nearly ₹16,000 crore during her tenure, alongside a public listing and an expanded lender base.

She is expected to continue in a non-key managerial personnel (KMP), non-operating advisory capacity post-exit, focused on investor relations and capital markets.

Ghanshyam Rawat, Aavas Financiers

Rawat has been associated with Aavas Financiers since 2017. A Chartered Accountant, he spent nearly nine years in the role spanning financial planning, investor relations and business growth, with earlier stints at Tata Technologies, Capgemini India and others.

His resignation, accepted by the Aavas board on June 21, takes effect on September 21, 2026, with garden leave running in the interim. The company has named Ghanshyam Gupta, also a long-serving Aavas Chartered Accountant, as Interim CFO with effect from June 22.

Srinivasan Vaidyanathan, HDFC Bank

After joining HDFC Bank from Citigroup in New York, Vaidyanathan has served as the bank’s Chief Financial Officer, overseeing Finance, Tax, Strategy and M&A, Investor Relations, and Corporate Communications.

His term is scheduled to conclude in October 2026.

In an exchange filing dated June 29, HDFC Bank announced that Puneet Sharma, currently the CFO of Axis Bank, will succeed him, assuming the role of CFO-Designate from September 1 and formally stepping in as CFO on December 1, 2026.

Bhavin Lakhpatwala, HDFC Bank to RBL Bank

Lakhpatwala has assumed the role of CFO at RBL Bank effective June 12. A Chartered Accountant, he brings more than 25 years of experience, including over 20 years at HDFC Bank, where he served on the CFO leadership team during the merger of HDFC Bank and HDFC Ltd.

Following his appointment, Deepak Ruiya, who has been serving as RBL’s Interim CFO since December 2025, will remain with the bank as Deputy CFO.

Puneet Sharma, Axis Bank to HDFC Bank

Sharma has been appointed CFO-Designate at HDFC Bank effective September 1, 2026, and will formally assume the role of Chief Financial Officer on December 1, 2026.

He has more than 26 years of experience in banking and financial services, having previously served as Group CFO at Axis Bank and earlier as CFO at Tata Capital, following prior positions at Citibank and the Boston Consulting Group.

Rajeev Mantri, Bandhan Bank

Mantri has resigned as Bandhan Bank's CFO, citing another opportunity for career growth in his resignation letter. His last working day is set for September 25, 2026, following a 90-day notice period.

Sunil Agrawal, Life Insurance Corporation of India

Agrawal resigned as LIC's CFO on June 24, citing better prospects in his resignation letter, with his exit effective from the close of business hours on July 14, 2026.