Kotak Mahindra Bank Gets RBI Nod For Anup Kumar Saha As MD And CEO, Shares Rise 4.11% On Leadership Clarity

Mumbai: The Reserve Bank of India has granted approval for Kotak Mahindra Bank to appoint Anup Kumar Saha as managing director and chief executive officer for a three-year term starting January 1, 2027. The private sector lender shared the news on Thursday, providing much-needed clarity following Ashok Vaswani's decision to step down after completing his term.

Saha, who joined the bank as an executive director earlier this year, will take over from Vaswani, succeeding him in the role of CFO. Saha currently leads retail banking, data analytics, and marketing at Kotak Mahindra Bank. Prior to his appointment at Kotak, he held significant positions at ICICI Bank and Bajaj Finance.

Vaswani expressed confidence in Saha's ability to strengthen the bank's foundations, deepen customer relationships, and guide its progress with purpose and discipline. Chairman C S Rajan highlighted that Saha has been actively involved in Kotak's businesses during his tenure as executive director. He underscored the bank's anticipation of Saha's leadership in strengthening the franchise and pursuing sustainable growth.

Saha emphasized his commitment to deepening customer relationships, enhancing execution, and creating sustainable value for shareholders and stakeholders. The announcement marks a crucial leadership transition in India's private banking sector.

Meanwhile, HDFC Bank is also undergoing a leadership change, with two candidates submitted to the RBI for consideration. Following the approval, Kotak Mahindra Bank's shares saw a 4.11% increase, trading at ₹434.75 on the BSE at 10:44 am, despite a slight dip in the broader market index.