1 October 2026 Punjab Khabarnama Bureau : Kotak Mahindra Bank has appointed Anup Kumar Saha as its new Managing Director and Chief Executive Officer for a three-year term beginning January 1, 2027, marking a major leadership transition at one of India’s leading private sector banks.
The appointment follows the decision of current MD and CEO Ashok Vaswani to step down at the end of his tenure on December 31, 2026. The Reserve Bank of India has approved Saha’s appointment, clearing the way for him to take charge of the bank from the beginning of next year.
Saha’s elevation comes less than a year after he joined Kotak Mahindra Bank. He became part of the bank’s senior management in January 2026 and was subsequently appointed as a Whole-time Director. Before joining Kotak, he had served as Managing Director of Bajaj Finance and held senior leadership positions at ICICI Bank.
His appointment brings extensive experience in consumer finance, retail banking, digital transformation and data-driven business strategy to the top leadership position at Kotak Mahindra Bank. His professional background spans more than three decades, including significant experience across banking and non-banking financial services.
At Kotak Mahindra Bank, Saha has been responsible for consumer banking, marketing and data analytics. His role has involved strengthening the bank’s retail franchise, improving customer-focused initiatives and supporting digital and data-led transformation.
Saha joined Bajaj Finance in 2017 and spent several years in senior leadership roles before becoming Managing Director in April 2025. During his time at the company, he was involved in business transformation, digital innovation and expansion of its consumer finance operations. He had earlier served as Deputy Managing Director.
Before Bajaj Finance, Saha spent around 14 years at ICICI Bank in various senior positions. His experience there included retail financial products such as home loans, vehicle finance, credit cards and other consumer-focused businesses. His background also includes work involving data analytics, technology and business transformation.
Saha holds an engineering degree from the Indian Institute of Technology, Kharagpur, and an MBA from the Indian Institute of Management, Lucknow. His educational and professional experience has been centered on financial services, management, technology and customer-focused business development.
The appointment comes at an important stage for Kotak Mahindra Bank as it prepares for a change in its top management. Ashok Vaswani became the bank’s MD and CEO on January 1, 2024, after receiving approval from the Reserve Bank of India. He succeeded founder Uday Kotak, who stepped down as managing director and CEO in 2023.
Vaswani’s tenure has focused on strengthening the bank’s digital capabilities, expanding its customer franchise and pursuing growth across its banking and financial services businesses. His decision not to seek another term prompted the bank’s board to begin the process of identifying his successor.
The succession process attracted attention because banking regulations require the names of potential CEO candidates to be submitted to the banking regulator for consideration. Earlier reports had identified Saha and Paritosh Kashyap, another senior Kotak executive, among the internal candidates considered for the position.
Saha’s selection means Kotak has chosen an executive who was already familiar with its operations and strategic priorities. His existing responsibilities have given him exposure to the bank’s consumer business, marketing operations and data analytics, areas that have become increasingly important as financial institutions invest in digital banking and technology.
The new leadership will inherit a banking sector undergoing rapid changes in customer behaviour, digital payments, technology adoption, regulatory requirements and competition. Private sector lenders are also increasingly focusing on digital customer acquisition, personalized financial products, data analytics and operational efficiency.
For Kotak Mahindra Bank, the transition is expected to maintain continuity while placing greater emphasis on retail banking and technology-driven growth. Saha’s previous experience at Bajaj Finance and ICICI Bank gives him exposure to both banking and non-banking financial services, including large-scale consumer lending operations.
The bank has also been strengthening its senior leadership structure in recent years. Alongside Saha, its leadership team includes Whole-time Directors Jaideep Hansraj and Paritosh Kashyap. The bank’s board and management have been working to build a broader leadership bench following several senior-level changes across the organization.
Saha’s appointment is also notable because he joined Kotak relatively recently but moved quickly into one of the industry’s most prominent leadership roles. His elevation reflects the importance of internal leadership development and the experience he brought from his previous financial services roles.
As MD and CEO from January 2027, Saha will be responsible for steering the bank’s overall strategy, business performance and customer growth. His responsibilities will include managing the bank’s relationships with regulators, shareholders, employees and customers while overseeing its retail, corporate and other financial services operations.
The leadership transition will formally take effect after Vaswani completes his current term at the end of December. Until then, Vaswani will continue to lead Kotak Mahindra Bank as its MD and CEO.
The appointment marks a new chapter for Kotak Mahindra Bank, with Saha set to take charge at a time when India’s financial sector continues to expand its digital infrastructure and compete for customers across banking, payments, lending and investment services. His experience across consumer finance, retail banking and digital transformation will shape the bank’s next phase under his leadership.