India's Kotak Mahindra Bank names insider Anup Kumar Saha as next CEO (updated)

Kotak Mahindra Bank

01/10/2026 08:35

Adds brokerage comments, graphics
By Kashish Tandon and Ashwin Manikandan
MUMBAI, Oct 1 (Reuters) - India's Kotak Mahindra Bank KTKM.NS said on Thursday that the country's central bank has approved the appointment of Anup Kumar Saha, an executive director with extensive retail banking experience, as its next chief executive.
Saha will begin his three-year contract on January 1, succeeding Ashok Vaswani, whose term as CEO ends on December 31. 
Saha, who joined Kotak in January 2026, takes charge at a pivotal time as the bank — India's fourth-largest private lender by profitability — looks to boost growth and strengthen its position against larger rivals after a period of regulatory scrutiny of its digital banking.
Under Vaswani, the bank outlined ambitions to become India's third-largest private lender, with investors looking for stronger execution across retail lending and deposit mobilisation to support that goal. 
Saha's priorities would include retaining senior executives, accelerating growth to improve return on equity, broadening the deposit base and speeding up decision-making, brokerage Macquarie said.
Kotak put forward Saha and executive director Paritosh Kashyap to the Reserve Bank of India for consideration as CEO, Reuters reported last month. Indian banking regulations require lenders to propose at least two candidates for the top job, with the regulator selecting one.    

Jefferies called Saha's appointment positive, citing his experience leading retail businesses at non-bank lender Bajaj Finance BJFN.NS and ICICI Bank ICBK.NS.
At Bajaj Finance, where he spent more than eight years, Saha held a series of senior positions, including managing director and CEO. He also spent more than a decade at ICICI Bank, handling businesses including retail secured assets and credit cards.
     At Kotak, he oversees the retail bank, government business, data analytics and marketing, according to the bank.
     "Saha is an internal candidate who also brings significant experience, making him a strong choice for a bank that has been lagging some peers on growth," said Aishvarya Dadheech, founder and chief investment officer at Fident Asset Management.
Shares of the lender, founded by billionaire Uday Kotak, were up 1.4% on Thursday.  

 (Reporting by Anuran Sadhu, Kashish Tandon and Ashwin Manikandan; Editing by Mrigank Dhaniwala and Kate Mayberry and Janane Venkatraman)
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