The Reserve Bank of India has approved Anup Kumar Saha as Managing Director and CEO of Kotak Mahindra Bank for three years starting January 1, 2027. He succeeds Ashok Vaswani, whose term ends on December 31, 2026, according to a report published October 1, 2026.
The approval is subject to the bank completing the required formalities and obtaining shareholder approval.
Who Is Anup Kumar Saha?
Saha joined Kotak Mahindra Bank in January 2026 as Whole-Time Director and Executive Director, handling retail banking, government business, data analytics and marketing. He has over 32 years of experience, about 25 of them in financial services, and is a former MD and CEO of Bajaj Finance. He spent around 14 years at ICICI Bank across retail secured assets, business intelligence, credit cards and structured finance, and previously worked at GE Capital and Bharat Heavy Electricals. He holds a BTech from IIT Kharagpur and an MBA from IIM Lucknow.
How Was the Succession Decided?
Kotak submitted two internal candidates to the RBI, with Saha as first preference and Paritosh Kashyap, Executive Director for corporate banking, as second. RBI approval of the bank’s CEO is required under banking regulations, which is why the central bank’s nod marks the key step in the succession.
Market and Trade Reaction
A TradingView-carried note attributed to Jefferies, headlined after the appointment, said the brokerage sees about 10% further upside in Kotak Mahindra Bank shares, which it noted were up about 9% since the last MD change. The detailed note could not be reviewed, so the figures are as headlined.
What Happens Next?
The bank must complete formalities and secure shareholder approval before Saha takes charge on January 1, 2027. Investors will watch for his strategic priorities in retail and secured lending once he assumes the role.
Frequently Asked Questions
When does Anup Kumar Saha become Kotak Mahindra Bank CEO?
His three-year term begins on January 1, 2027, subject to formalities and shareholder approval.
Who is the current MD and CEO?
Ashok Vaswani, whose term ends on December 31, 2026.
Where did Saha work before Kotak?
He was MD and CEO of Bajaj Finance and spent about 14 years at ICICI Bank before that.
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