Key Takeaways
- RBI approved Anup Kumar Saha as Kotak Mahindra Bank’s next CEO.
- Saha will succeed Ashok Vaswani for a 3-year term.
- His banking career includes senior roles at Bajaj Finance.
The Reserve Bank of India has approved Anup Kumar Saha as Kotak Mahindra Bank CEO, making him the bank’s next managing director and chief executive office. Anup Kumar Saha Kotak Mahindra Bank CEO appointment will take effect on January 1, 2027, when he will succeed Ashok Vaswani for a 3-year term at one of India’s largest private sector lenders.
Vaswani’s current term ends on December 31, 2026. He had announced in June that he would not seek another term after completing his current tenure.
Anup Kumar saha kotak mahindra bank CEO brings banking experience
Anup Kumar Saha, who is set to become Kotak Mahindra Bank CEO, joined Kotak Mahindra Bank in January 2026 and became a full-time director and executive director in March. He currently oversees retail banking, government business, data analytics, and market functions.
Before joining Kotak Mahindra Bank, Anup Kumar Saha spent more than 8 years at Bajaj Finance, building experience across consumer finance and banking operations. He joined the company in October 2017 as president of consumer finance, a position he held until March 2019.
He later became deputy CEO, overseeing consumer finance, MSME operations, marketing, service, operations, and digital platforms. He held that position until March 2022.
Saha was appointed executive director in April 2022 and became deputy managing director in April 2024. In April 2025, he took over as managing director and chief executive officer of Bajaj Finance.
He left the position in July 2025 and joined Kotak Mahindra Bank in January 2026.
His current responsibilities at Kotak include several retail and data-focused functions. This gives him exposure to areas including consumer banking, digital operations, and government business before he assumes the bank’s top executive role.
Kotak completes CEO succession process
Kotak Mahindra Bank had submitted Saha and fellow full-time director Paritosh Kashyap to the RBI for consideration for the CEO position. The RBI approved Saha’s appointment on Thursday.
The appointment follows the regulatory process for selecting the managing director and chief executive officer of an Indian bank. Lenders are required to recommend at least 2 candidates for the position, after which the RBI selects and approves the candidate.
Vaswani became Kotak Mahindra Bank’s MD and CEO in January 2024 for a 3-year term. He announced in June that he would step down after December 31, 2026, citing personal reasons.
During his tenure, the bank focused on expanding its business and had set an objective of becoming India’s third-largest private lender by after-tax profit.
Saha will take over as Kotak Mahindra Bank begins its next leadership phase. His previous experience includes consumer finance, MSME banking, digital platforms, operations, and retail financial services.
Kotak Mahindra Bank shares ended 2.2% higher at ₹415.15 on Wednesday. The stock was down 6.5% so far in 2026, according to the data cited in the report.
The leadership transition will take effect on January 1, 2027, when Saha formally assumes the MD and CEO position for his approved 3-year term.
