Kotak Mahindra Bank has named Anup Kumar Saha as its next Managing Director and CEO after receiving approval from the Reserve Bank of India.

Saha will begin his three-year term on January 1, 2027, taking over from Ashok Vaswani, whose current term ends on December 31, 2026. The bank's board will now complete the formal process and seek shareholder approval for the appointment.

Saha is currently a whole-time director and executive director at Kotak Mahindra Bank. He joined the lender in January 2026 and has been overseeing areas including retail banking, data analytics and marketing since March.

Saha brings more than 32 years of professional experience, including around 25 years across banking and financial services.

Before joining Kotak Mahindra Bank, he held several senior positions at Bajaj Finance, eventually becoming its Managing Director and CEO. Before that, Saha spent 14 years at ICICI Bank, where he worked across areas including retail secured assets, business intelligence, collections, credit cards and retail structured finance.

Earlier in his career, Saha worked with GE Capital, focusing on credit cards, sales and analytics, and with Bharat Heavy Electricals Ltd (BHEL) in production engineering.

He holds a BTech in Engineering from IIT Kharagpur and an MBA from IIM Lucknow.

The leadership transition comes as Ashok Vaswani prepares to step down after completing his current term.

Vaswani became Kotak Mahindra Bank's MD and CEO in January 2024. He had earlier indicated that he would not seek another term. Saha will therefore take over at the start of 2027.

The bank had submitted names of Saha and executive director Paritosh Kashyap to the RBI for consideration for the CEO position, with Saha ultimately receiving regulatory approval.

In his first comments following the appointment, Saha said his focus would include deepening customer relationships, execution and building sustainable value for shareholders and other stakeholders.

Kotak chairman C.S. Rajan said the bank looks forward to Saha's leadership as it continues working toward sustainable growth. Vaswani also highlighted Saha's experience across different financial-services businesses, customer segments and operating functions.

The appointment comes as Kotak continues to strengthen its retail banking, digital capabilities and broader financial-services operations. Reuters reported that the bank has been seeking to accelerate growth and compete with larger private-sector rivals.

Kotak Mahindra Bank is one of India's major private-sector lenders. As of June 30, 2026, the Kotak Mahindra Group had 5,916 branches and a consolidated balance sheet of approximately ₹10.1 lakh crore, according to Times of India.

For the quarter ended June 2026, the bank reported a 26% year-on-year increase in standalone net profit to ₹4,123 crore, while net interest income rose 9% to ₹7,259 crore, according to Mint.

The bank's leadership transition will therefore take place against a backdrop of continued expansion in its banking and financial-services businesses.

Anup Kumar Saha will continue in his current role at Kotak Mahindra Bank until the leadership transition takes effect. The board is expected to complete the formal appointment process and obtain shareholder approval.

From January 1, 2027, Saha will take charge as MD and CEO, beginning a new phase of leadership at one of India's prominent private-sector banks.