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# Kotak Mahindra Bank Appoints Ashok Vaswani as MD and CEO, Becoming First Permanent Non-Founder Chief Executive
- URL: https://www.theglobalbanker.com/kotak-mahindra-bank-appoints-ashok-vaswani-md-ceo-first-non-founder/
- Published: 2024-01-01T10:18:00.000Z
- Updated: 2026-10-02T14:47:10.000Z
- Description: Ashok Vaswani took charge as MD and CEO of Kotak Mahindra Bank on 1 January 2024, becoming the Indian private lender's first permanent non-founder chief executive.
- Author: TGB Editorial Team
- Tags: Executive Moves, Asia-Pacific, #archive

Ashok Vaswani assumed the role of Managing Director and Chief Executive Officer of Kotak Mahindra Bank on 1 January 2024, becoming the bank's first permanent non-founder chief executive, following founder Uday Kotak's early exit as MD and CEO on 1 September 2023 and an interim tenure by joint managing director Dipak Gupta. Uday Kotak built the institution from a non-banking finance company into a full-service bank.

RBI rules cap a promoter's tenure as MD and CEO at 12 years, and the regulator had earlier required Uday Kotak to reduce his shareholding. 

#### VASWANI'S BACKGROUND

Before joining Kotak Mahindra Bank, Vaswani was president of Pagaya Technologies; earlier he was chief executive of Barclays' global consumer, private, corporate and payments businesses, after two decades at Citigroup. 

Uday Kotak remains a significant shareholder in the bank.