Kotak Mahindra Bank chief executive Ashok Vaswani will step down when his current term ends on 31 December 2026, informing the board that he does not intend to seek reappointment for personal reasons. The Mumbai-based lender said it had initiated the process of appointing a new managing director and chief executive, which it said would be completed within applicable regulatory timelines.
Vaswani took charge as chief executive on 1 January 2024, becoming the first professional external hire to lead the bank founded by billionaire Uday Kotak. A former Barclays and Citigroup banker, he succeeded founder Uday Kotak, who had led the bank for more than two decades.
PERSONAL REASONS FOR DEPARTURE
In its disclosure, Kotak Mahindra Bank said Vaswani had cited personal reasons for his decision not to continue beyond his existing term. The bank did not elaborate further; Vaswani will remain in the role until his term ends on 31 December 2026.
Under Reserve Bank of India rules, the appointment of a chief executive at a private-sector bank requires the regulator's prior approval, and the bank must recommend at least two candidates.
SUCCESSION SEARCH LAUNCHED
Kotak Mahindra Bank said it had initiated the process of appointing a new managing director and chief executive, which it said would be completed within applicable regulatory timelines. The bank is one of India's largest private-sector lenders by market capitalisation.
Within months of his arrival, on 24 April 2024, the Reserve Bank of India barred the bank from onboarding new customers through its online and mobile channels and from issuing new credit cards, citing IT-risk deficiencies; the curbs were later lifted.
The bank has not indicated whether an internal or external candidate is likely to succeed Vaswani. Vaswani will continue to lead the bank until his term ends on 31 December 2026.