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Kotak Bank names Saha and Kashyap for CEO race
Livemint··1 Sept
Kotak Mahindra Bank has recommended executive directors Anup Saha and Paritosh Kashyap to the Reserve Bank of India as internal CEO candidates, two sources said. They would succeed Ashok Vaswani. Vaswani will not seek reappointment when his term ends on December 31, 2026. Banking rules require at least two names. The RBI may approve one or seek alternatives.
Prism
What It Means For You
- The next CEO decision now sits with the RBI after the bank's two-name submission.
- Saha oversees retail banking after joining from Bajaj Finance in January 2026; Kashyap leads wholesale banking.
- Kotak shares had gained 5 percent over the five trading sessions before the report.
What's Happening
- Vaswani, a former Barclays and Citigroup banker, became CEO on January 1, 2024 after founder Uday Kotak.
- The Kotak family remains the largest shareholder with a 26 percent stake.
- The bank, Saha and Kashyap did not respond to requests for comment, Reuters reported.
Why the Succession Matters
- Kotak is India's fourth-largest private bank and has aimed to become third by after-tax profit under Vaswani.
- Vaswani cited personal reasons for not seeking another term.
- Reuters could not establish which of the two names was the bank's first choice.
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