Mumbai, March 12 (IANS) Axis Bank on Tuesday announced appointment of Rakesh Makhija as its new non-executive, part-time, chairman.

In a Bombay Stock Exchange (BSE) filing, the bank said its board of directors on March 11 approved the appointment of Makhija, Independent Director as the non-executive, part-time, Chairman of the Bank, for three years.

The appointment will be effective from July 18, 2019 till July 17, 2022.

Axis Bank stated the term of non-executive, part-time Chairman Sanjiv Misra "will expire with effect from the close of business hours on July 17, 2019".

It further said Makhija is not related to any other director or key managerial personnel in the bank.

"We affirm that Rakesh Makhija is not debarred from holding the office of Director by virtue of any order of the Securities and Exchange Board of India or any other regulatory/statutory authority," the bank said.

--IANS ravi/sn/rtp/pcj