Saha will take charge for a three-year term from January 1, 2027, succeeding Ashok Vaswani; shareholder approval remains pending

The Reserve Bank of India (RBI) has approved the appointment of Anup Kumar Saha as Managing Director and Chief Executive Officer (MD & CEO) of Kotak Mahindra Bank for a three-year term beginning January 1, 2027.

Kotak Mahindra Bank disclosed the RBI approval in a regulatory filing on October 1, 2026. The appointment is still subject to further statutory formalities, including approval from the bank's members.

Saha, currently a whole-time director and executive director at the bank, will succeed Ashok Vaswani, whose current term as MD & CEO ends on December 31, 2026.

RBI approval marks key step in leadership transition

The RBI's approval represents an important stage in Kotak Mahindra Bank's succession process.

Vaswani had informed the bank's board in June that he would not seek reappointment after completing his current term at the end of December 2026, citing personal reasons. The bank subsequently began the process of identifying his successor.

Saha has now received regulatory approval to take over the top executive position from the beginning of 2027, subject to shareholder approval and other applicable formalities.

The transition is expected to provide continuity because Saha is already part of Kotak Mahindra Bank's senior management and has been involved in several key operating functions since joining the lender.

Who is Anup Kumar Saha?

Saha joined Kotak Mahindra Bank in January 2026 and became a whole-time director and executive director in March.

In his current role, he oversees areas including retail banking, government business, data analytics and marketing. His responsibilities have given him exposure to several customer-facing and technology-oriented businesses within the bank.

Saha has more than 32 years of professional experience, including around 25 years in financial services across banks and non-bank financial institutions.

His career includes senior positions at ICICI Bank, Bajaj Finance, GE Capital and Bharat Heavy Electricals.

Experience across banking and consumer finance

Before joining Kotak Mahindra Bank, Saha spent more than eight years at Bajaj Finance after joining the company in 2017.

He held several leadership positions covering consumer finance, MSME, marketing, operations, service and digital platforms. He was elevated to Managing Director of Bajaj Finance in April 2025 but resigned from the position in July 2025, citing personal reasons.

Earlier, Saha spent around 14 years at ICICI Bank, where he worked across businesses including retail secured assets, business intelligence, credit cards, retail and rural collections and structured finance.

His experience therefore spans traditional banking, consumer lending, analytics, digital platforms and financial-services operations.

Academic background

Saha holds a BTech degree from IIT Kharagpur and an MBA from IIM Lucknow.

His professional background combines financial-services experience with exposure to data analytics and technology-led business transformation.

Technology and data could remain key priorities

Saha's current responsibilities at Kotak include data analytics and marketing, areas that have become increasingly important for banks as customer acquisition and servicing move towards digital channels.

His earlier role at ICICI Bank also included establishing and managing business intelligence capabilities and working across multiple retail-finance businesses. A company profile released during his earlier Bajaj Finance tenure highlighted his experience in analytics, digital transformation and business expansion.

At Kotak, his eventual mandate is likely to involve balancing growth in retail and other businesses with risk management, technology investments and customer engagement.

The bank has already positioned Saha within functions that are closely linked to digital and customer-centric growth. When he was appointed whole-time director in January 2026, Kotak said his responsibilities would include consumer banking, marketing and data analytics, alongside customer-focused transformation and digital innovation.

Vaswani's tenure comes to an end

Ashok Vaswani took over as Kotak Mahindra Bank's MD & CEO on January 1, 2024, succeeding founder Uday Kotak.

In June 2026, Vaswani informed the board that he did not intend to seek another term after December 31, 2026. The bank said the decision was for personal reasons.

His departure makes the succession process particularly important for investors because the MD & CEO has a central role in determining the lender's growth strategy, risk appetite and capital-allocation priorities.

With Saha already serving as an executive director, the transition will take place from within the bank's existing senior leadership structure.

What Saha's appointment could mean for Kotak Mahindra Bank

The incoming CEO brings experience across both banks and non-bank financial institutions. His background in consumer finance and analytics could be relevant as Kotak continues to develop its retail franchise.

Three areas are likely to remain important under the new leadership:

Retail banking growth

Retail banking is one of the areas currently under Saha's supervision. Investors will watch whether Kotak can accelerate customer acquisition and deepen relationships across deposits, loans, cards and other retail products.

Digital and data capabilities

Saha's experience in business intelligence and digital transformation could support greater use of analytics and technology across customer acquisition, underwriting and servicing.

Sustainable growth and risk management

As a bank, Kotak must balance loan growth with asset quality, capital adequacy, funding costs and profitability. The new leadership will therefore need to manage growth while maintaining the bank's risk-management framework.

Shareholder approval still required

Although the RBI has approved Saha's appointment, the process is not yet completely finished.

Kotak Mahindra Bank has said its board will undertake the necessary steps to formalise the appointment and seek approval from the bank's members.

The three-year term is scheduled to begin on January 1, 2027, following the completion of Vaswani's current term.

Kotak Mahindra Bank shares and investor focus

The leadership transition is an important corporate development for Kotak Mahindra Bank, but investors will continue to assess the lender on a broader set of operating and financial indicators.

These include loan growth, deposit mobilisation, net interest margins, asset quality, credit costs, capital levels, return ratios and the performance of its various financial-services businesses.

The market may also track how quickly the leadership transition translates into changes in business priorities once Saha formally assumes the MD & CEO role.

Market Outlook

Kotak Mahindra Bank's leadership transition is entering a more defined phase with RBI approval for Anup Kumar Saha's appointment. His existing role within the bank provides continuity, while his background across ICICI Bank, Bajaj Finance and Kotak gives him experience spanning banking, consumer finance, analytics and digital operations.

For investors, the key developments to monitor through 2027 will be retail and deposit growth, asset quality, margins, digital execution and the bank's broader growth strategy under the new leadership.

The appointment itself remains subject to shareholder approval and other formalities. Once Saha takes charge on January 1, 2027, subsequent financial results and management commentary should provide greater visibility into how the bank's strategy evolves under the new MD & CEO.