RBI approves Anup Kumar Saha as Kotak Mahindra Bank MD for 3 years

The Reserve Bank of India has approved the appointment of Anup Kumar Saha as managing director and chief executive officer of Kotak Mahindra Bank for three years from 1 January 2027, the bank said on 1 October 2026. Saha, currently a whole-time director, will succeed Ashok Vaswani, whose term ends on 31 December 2026. Vaswani had decided earlier in 2026 not to seek reappointment for personal reasons.

Saha joined Kotak in January 2026 and has been overseeing retail banking, data analytics and marketing since March 2026. He brings over 32 years of experience, including stints at Bajaj Finance as MD and CEO, ICICI Bank, GE Capital and BHEL. He holds a B.Tech from IIT Kharagpur and an MBA from IIM Lucknow. The board will formalise the appointment and seek shareholder approval.

Update, 1 October 2026: Fortune India reports that the incoming CEO will face challenges including the bank's weak liability franchise and reduced unsecured lending. It quotes Vaswani and chairman C S Rajan expressing confidence in Saha, and notes Saha's statement on staying focused on customers.