Private sector lender Axis Bank Tuesday has appointed Rakesh Makhija as its non-executive chairman for a term of 3 years, with effect from July 18.

He will replace Sanjiv Misra, whose term as the bank's non-executive (part-time) chairman expires on July 17, the bank said in a regulatory filing.

"Pursuant to the recommendations of the Nomination and Remuneration Committee of Directors, the board of directors of the bank at its meeting held today (Tuesday) approved the appointment of Rakesh Makhija, independent director, as the non-executive (part-time) chairman of the bank, for a period of 3 years," it said.

The appointment is subject to the approval of the Reserve Bank of India and the bank's shareholders, it added.

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