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Saha will succeed Ashok Vaswani, whose term ends in 2027, and will take charge for a three-year term
The Reserve Bank of India has approved Anup Kumar Saha as the next managing director and chief executive officer of Kotak Mahindra Bank, setting the stage for a leadership transition at one of India’s largest private lenders.
Kotak Mahindra Bank said in an exchange filing on Thursday that Saha will take over from Ashok Vaswani from January 1, 2027, for a three-year term.
Vaswani’s current term ends on December 31, 2026. He had announced in June that he would not seek reappointment as the bank’s MD and CEO after the completion of his term.
Saha joined Kotak Mahindra Bank in January 2026 and has been a whole-time director and executive director since March. He currently oversees the bank’s retail banking business, government business, data analytics and market functions.
His appointment comes as Kotak Mahindra Bank looks to maintain its growth momentum and strengthen its position among India’s largest private-sector lenders.
Who is Anup Kumar Saha
Saha brings extensive experience in consumer finance and banking to the role.
Before joining Kotak Mahindra Bank, he spent more than eight years at Bajaj Finance, where he held several senior positions between October 2017 and January 2026.
He joined Bajaj Finance as president of consumer finance in October 2017 and held the role until March 2019.
More from BusinessHe subsequently became deputy CEO overseeing consumer, MSME, marketing, operations and service and digital platforms. He held that position until March 2022.
Saha was then appointed executive director in April 2022. He became deputy managing director in April 2024 and took over as MD and CEO of Bajaj Finance in April 2025.
He resigned from the position in July 2025 before joining Kotak Mahindra Bank in January 2026.
At Kotak, Saha has since taken charge of several businesses and functions, giving him exposure to the bank’s retail operations and other growth areas ahead of his elevation to the top job.
Kotak’s CEO succession
The appointment follows a CEO selection process involving the bank and the RBI.
Kotak Mahindra Bank had submitted the names of Saha and fellow whole-time director Paritosh Kashyap to the RBI for consideration for the CEO position.
Indian banking rules require lenders to recommend at least two candidates for the MD and CEO position, following which the RBI approves one of the candidates.
Reuters had reported in September that Saha and Kashyap were the two names submitted by Kotak Mahindra Bank.
The RBI’s approval on Thursday confirms Saha as Vaswani’s successor.
Why Vaswani is stepping down
Vaswani took over as Kotak Mahindra Bank’s MD and CEO in January 2024 for a three-year term.
In June, he said he would not seek another term after December 31, 2026. He cited personal reasons for the decision, including the arrival of his grandchild.
During his tenure, the bank had focused on strengthening its growth trajectory and had set an objective of becoming India’s third-largest private lender by after-tax profit.
Saha will now take over as the bank enters its next leadership phase.
His experience at Bajaj Finance, particularly across consumer finance, MSMEs, digital platforms and operations, comes as retail banking remains an important area of competition among India’s private lenders.
Kotak Mahindra Bank shares
Shares of Kotak Mahindra Bank ended 2.2 per cent higher at Rs 415.15 on Wednesday. The stock was down 6.5 per cent so far this year, according to the data cited in the report.
The leadership transition will now be closely watched as Saha prepares to take charge at the start of 2027.
