Kotak Mahindra Bank has named Anup Kumar Saha as its next managing director and chief executive, handing its top job to a retail banking veteran who joined the lender only this year as it pushes to close the gap with larger private-sector rivals.

The Reserve Bank of India (RBI) approved Saha’s appointment for a three-year term beginning 1 January 2027, the bank said on Thursday, 1 October. He will succeed Ashok Vaswani, whose tenure ends on 31 December.

Saha joined Kotak in January 2026 and is currently an executive director responsible for retail banking, government business, data analytics and marketing.

Kotak had submitted Saha and fellow executive director Paritosh Kashyap to the RBI as candidates for the chief executive role. Banking regulations require lenders to propose at least two names, with the central bank approving the appointment.

Unlike HDFC Bank, which named external candidate Anup Bagchi as CEO on the same day, Kotak has selected an executive already operating inside the bank, albeit one with less than a year at the institution.

Built around retail lending

Saha brings more than three decades of professional experience, including about 25 years in financial services.

Before joining Kotak, he spent more than eight years at Bajaj Finance, where he held several senior positions and eventually became managing director and CEO. He had previously spent more than a decade at ICICI Bank, working across businesses including secured retail lending and credit cards.

He has also served on the boards of TransUnion CIBIL and ICICI Home Finance and worked earlier in his career at GE Capital and Bharat Heavy Electricals.

That retail-heavy background fits Kotak’s current priorities. The bank has been trying to accelerate customer acquisition, deposits and lending after spending much of the previous two years repairing weaknesses in its technology infrastructure.

“I am grateful to the Board for the trust placed in me and delighted to have the opportunity to lead Kotak Mahindra Bank,” Saha said following the announcement.

He said the bank would remain focused on “doing the right thing and getting it right by the customer.”

Digital restrictions reshaped Kotak

Saha will inherit a bank that has only recently moved beyond one of its most significant regulatory setbacks.

In April 2024, the RBI barred Kotak from adding new customers through its online and mobile banking channels and from issuing new credit cards. The regulator cited deficiencies found during its IT examinations for 2022 and 2023.

The restrictions forced the bank to overhaul technology, governance and risk controls and interrupted growth in businesses that had relied heavily on digital customer acquisition.

Kotak has since returned to expansion. At the end of June 2026, deposits stood at ₹5.73 trillion and customer assets at ₹5.71 trillion. The bank reported a current and savings account ratio of 40.3%, a net interest margin of 4.53% and net non-performing assets of 0.27%.

For FY26, deposits rose 15% to ₹5.72 trillion. The CASA ratio, or the share of a bank’s total deposits that comes from current accounts and savings accounts, stood at 43.3%, while return on equity was 11.08%.. Consolidated profit after tax was ₹19,288 crore.

Analysts cited by Reuters said Saha’s priorities are likely to include widening the deposit base, retaining senior executives, accelerating lending and improving return on equity.

Vaswani opted against another term

Vaswani told the board in June that he would not seek reappointment when his current term expires at the end of December.

He became CEO in January 2024, succeeding Dipak Gupta, who had served as interim chief executive after founder Uday Kotak stepped down from the role in September 2023.

Vaswani’s tenure was dominated by the RBI technology restrictions and the subsequent effort to modernize the bank’s systems and controls. Kotak nevertheless continued expanding its franchise and in July agreed to acquire Deutsche Bank’s retail banking, private banking and wealth management businesses in India.

That transaction and the continuing push into consumer banking will now become part of Saha’s portfolio when he takes charge.

Kotak shares rose 1.4% on Thursday following the announcement.