Agarwal to decide course in 15-20 days

MUMBAI: MM Agarwal, the executive director of Axis Bank and a contender for the top post, will decide within 15-20 days whether to quit the bank or not. Mr Agarwal, who earlier decided to quit after Shikha Sharma was nominated for the MD���s position, has been urged to stay on by the bank���s board.

Speaking to ET, Mr Agarwal said: ���I have never compromised on my dignity and self respect. But my loyalty is to the bank and not to an individual. I have not yet resigned. Many of my colleagues have asked me to continue. I am also receiving messages from the industry. I am also pondering over this and will take a decision in due course. I hope in the next 15 or 20 days, I should reach a decision.���

Initially PJ Nayak, the bank���s former chairman and CEO, was seen to be backing Hemant Kaul ��� another executive director, in charge of retail banking. However, for the past one month, he was understood to have backed Mr Agarwal for the MD���s position. Mr Agarwal handles international banking, finance and accounts, other than corporate banking. A majority of bank profits is attributed to departments under him.

There was, however, a feeling in the bank that Mr Agarwal, who had a residual tenure of around two years, would have put in his papers, even if the top post would have gone to an insider. He said: ���This is speculation. I cannot speculate whether Mr Kaul could have been the CEO or not. He might have been or not. The question is whether I would have resigned in any case. I can only say that I would not have compromised on my dignity and self respect.���

He pointed out that he is staying back only because of the pressure from his colleagues and officers. ���If I stay, it will be only on account of them and nobody else,��� he said. On whether he has received job offers, Mr Agarwal said: ���I don���t think I will do a job. I might do something else. I am not seeking formal employment. I may do a consultancy, or something else.���