Kotak Mahindra Bank appointed Anup Kumar Saha as managing director and chief executive for a three-year term from 1 January 2027. The Reserve Bank of India approved the appointment. Saha will succeed Ashok Vaswani, whose term ends on 31 December 2026. The bank must complete its remaining corporate approval steps before the transition.
Saha is currently a whole-time director and executive director at Kotak. He oversees retail banking, government business, data analytics and marketing. He joined the lender in January 2026 after more than eight years at Bajaj Finance. Before that, he spent 14 years at ICICI Bank in senior roles spanning retail secured assets, business intelligence and collections.
AN INTERNAL CANDIDATE WILL TAKE THE TOP ROLE
Kotak had recommended two internal candidates to the central bank, according to an August media report citing people familiar with the matter. The regulator approved Saha's appointment as chief executive. His appointment moves an existing executive into the top job rather than bringing in an external successor.
At Bajaj Finance, Saha served as managing director from April to July 2025.
THE HANDOVER IS SCHEDULED FOR JANUARY
Vaswani remains chief executive through the end of December. Under Vaswani, Kotak set its sights on becoming India’s third-largest private lender by after-tax profit, according to Moneycontrol.
The next milestones are the bank’s formal board steps, shareholder approval and Saha’s assumption of office on 1 January 2027. Until the effective date, Vaswani retains the chief executive role.