Kotak Mahindra Bank has appointed Anup Kumar Saha as its next Managing Director and Chief Executive Officer, setting the stage for a leadership transition at one of India’s leading private sector banks. The Reserve Bank of India has approved Saha’s appointment for a three-year term beginning January 1, 2027.
Saha will succeed Ashok Vaswani, whose current three-year term as Managing Director and CEO ends on December 31, 2026. Vaswani took charge in January 2024 after founder Uday Kotak stepped down from the role.
The leadership change comes after the bank began its succession process earlier this year. Kotak Mahindra Bank had submitted Saha and fellow Executive Director Paritosh Kashyap as candidates for the top position. The RBI has now approved Saha for the role.
Saha joined Kotak Mahindra Bank in January 2026 as a Whole-Time Director. Since March, he has been responsible for several important areas, including retail banking, government business, data analytics and marketing. His current responsibilities have given him exposure to the bank’s customer-facing businesses as well as its digital and data-driven initiatives.
His appointment brings more than three decades of experience across banking and financial services. Saha has over 32 years of professional experience, including around 25 years in the financial services industry.
Before joining Kotak Mahindra Bank, Saha spent more than eight years with Bajaj Finance. He held several senior leadership positions at the company and was appointed its Managing Director and CEO in April 2025. He left the role in July 2025.
During his time with Bajaj Finance, Saha worked across areas linked to business growth, digital transformation and customer-focused financial services. His experience in consumer finance is expected to be relevant as Kotak continues to expand its retail banking and digital businesses.
Saha also spent around 14 years with ICICI Bank, where he held leadership roles across retail and consumer banking. His experience included retail secured assets, business intelligence, retail and rural collections, credit cards and retail structured finance.
Earlier in his career, he worked with GE Capital and Bharat Heavy Electricals, giving him experience across financial services and the broader corporate sector.
Saha holds a Bachelor of Technology degree in engineering from IIT Kharagpur and an MBA from IIM Lucknow.
His relatively recent arrival at Kotak makes the appointment notable. However, the bank has already given him responsibilities across multiple business areas, allowing him to work closely with different teams and understand its operations.
The bank reported strong operating numbers in the quarter ended June 2026. Customer assets grew 16% year-on-year to ₹5.71 lakh crore, while standalone net profit increased 26% to ₹4,123 crore. Net interest income rose 9% to ₹7,259 crore during the quarter.
Asset quality also showed improvement. Gross non-performing assets stood at 1.18%, compared with 1.48% a year earlier. Net NPA declined to 0.27% from 0.34%.
The numbers provide the backdrop against which Saha will take over the bank’s leadership. His immediate task will be to maintain business momentum while continuing to focus on profitability, asset quality and customer growth.
Responding to his appointment, Saha said his focus would be on strengthening customer relationships, maintaining strong execution and creating sustainable value for shareholders and other stakeholders.
Vaswani has also expressed confidence in the incoming CEO, highlighting Saha’s experience across different businesses, customer segments and operating functions. Since joining Kotak, Saha has worked with various teams and gained a closer understanding of the bank’s opportunities and priorities.
Vaswani’s exit marks the end of a three-year tenure that followed one of the bank’s most significant leadership transitions. Founder Uday Kotak stepped down as Managing Director and CEO in September 2023. Vaswani was subsequently appointed to lead the bank from January 2024.
Vaswani had earlier indicated that he would not seek another term after completing his current tenure. His term will formally end on December 31, after which Saha will take charge.
Before the transition is completed, Kotak Mahindra Bank will need to undertake the required corporate formalities, including seeking approval from its members.
The appointment also provides the bank with a clear succession plan as it enters 2027. Saha will take over at a time when the Indian banking sector is seeing continued competition for deposits, greater use of digital platforms and increasing demand for technology-led financial services.
His background across retail banking, consumer finance, digital transformation, analytics and financial services gives him experience across several areas that are central to the bank’s next phase.
With Saha set to take charge on January 1, 2027, Kotak Mahindra Bank is preparing for its next leadership chapter while continuing to build on its retail, digital and financial services businesses.