The Reserve Bank of India (RBI) has officially approved the appointment of Anup Kumar Saha as the Managing Director and Chief Executive Officer (MD & CEO) of Kotak Mahindra Bank for a three-year term effective January 1, 2027. The decision follows outgoing MD & CEO Ashok Vaswani’s announcement to step down upon completing his term in December. The bank’s board will formalize the appointment and seek shareholder approval in due course.
Strategic Leadership Transition at Kotak Mahindra Bank
Anup Kumar Saha currently serves as Whole-Time Director (Executive Director) at Kotak Mahindra Bank, having joined the institution in January 2026. Since March 2026, he has overseen the bank’s retail banking operations, data analytics, and marketing functions.
Before joining Kotak Mahindra Bank, Saha held senior executive leadership positions at Bajaj Finance, where he rose to the position of Managing Director and CEO.
“Saha has experience across businesses, customer segments and operating functions. Since joining Kotak, he has worked closely with our teams and demonstrated a clear understanding of the opportunities ahead.”
— Ashok Vaswani, Managing Director & CEO, Kotak Mahindra Bank
Executive Board Endorsement and Corporate Strategy
C S Rajan, Chairman of Kotak Mahindra Bank, expressed confidence in Saha’s ability to lead the private lender into its next growth phase. The board highlighted Saha’s multi-decade expertise across banking and non-banking financial companies (NBFCs) as a core asset to strengthen franchise value.
Speaking on his regulatory approval, Anup Kumar Saha reiterated his commitment to deepening client relationships and creating long-term shareholder value.
“I look forward to working with my colleagues to deepen customer relationships, tirelessly execute and build sustainable value for shareholders and all our stakeholders. We will remain firmly focused on doing the right thing and getting it right by the customer.”
— Anup Kumar Saha, Incoming MD & CEO, Kotak Mahindra Bank
32-Year Career Trajectory: From Engineering to Financial Leadership
Anup Kumar Saha brings over 32 years of professional experience, including 25 years in financial services spanning major retail banking and NBFC institutions.
| ANUP KUMAR SAHA: CAREER TIMELINE | |
|---|---|
| Academic Base |
BTech (IIT Kharagpur) MBA (IIM Lucknow) |
| Early Career |
Production Engineering, BHEL Sales & Analytics, GE Capital |
| Banking Leadership |
ICICI Bank (14 Years) Retail, Cards & Credit Functions |
| NBFC Leadership |
Bajaj Finance Managing Director & CEO |
| Kotak Mahindra Bank |
Executive Director (Jan 2026) MD & CEO (Effective Jan 1, 2027) |
During his 14-year tenure at ICICI Bank, Saha spearheaded multiple core divisions, including retail secured assets, business intelligence, retail and rural collections, credit cards, and retail structured finance.
He began his career in production engineering at Bharat Heavy Electricals Limited (BHEL) before transitioning into financial services at GE Capital, handling credit cards, sales, and analytics.
Saha holds a Bachelor of Technology (BTech) degree in engineering from IIT Kharagpur and a Master of Business Administration (MBA) from IIM Lucknow.
Scale of Operations and Financial Footprint
The executive transition comes at a time when Kotak Mahindra Group continues to expand its retail footprint and balance sheet assets across India.
- Branch Network: As of June 30, 2026, Kotak Mahindra Group operated 5,916 branches nationwide.
- Balance Sheet Size: The consolidated balance sheet of Kotak Mahindra Group stood at ₹10.1 lakh crore as of June 30, 2026.
- Regulatory Governance: The appointment complies with banking governance frameworks mandated by the Reserve Bank of India (RBI) for private sector commercial banks.
Frequently Asked Questions (FAQs)
Q1: Who has been approved as the new MD & CEO of Kotak Mahindra Bank?
Anup Kumar Saha has been approved by the Reserve Bank of India (RBI) as the new Managing Director and Chief Executive Officer (MD & CEO) of Kotak Mahindra Bank for a three-year term starting January 1, 2027.
Q2: When will Anup Kumar Saha take charge as Kotak Mahindra Bank CEO?
Anup Kumar Saha will officially assume the post of MD & CEO on January 1, 2027, following the conclusion of Ashok Vaswani’s term in December.
Q3: What is Anup Kumar Saha’s educational background?
Anup Kumar Saha holds a Bachelor of Technology (BTech) in engineering from IIT Kharagpur and a Master of Business Administration (MBA) from IIM Lucknow.
Q4: What executive roles did Anup Kumar Saha hold before Kotak Mahindra Bank?
Before joining Kotak Mahindra Bank, Saha served as MD & CEO at Bajaj Finance, spent 14 years at ICICI Bank leading retail and analytics divisions, and worked with GE Capital and BHEL.
Q5: What is the current size of Kotak Mahindra Group’s branch network and balance sheet?
As of June 30, 2026, Kotak Mahindra Group operates 5,916 branches across India with a total consolidated balance sheet size of ₹10.1 lakh crore.
Definitive Conclusion: Long-Term Outlook & Strategic Implications
The RBI’s prompt approval of Anup Kumar Saha provides Kotak Mahindra Bank with executive continuity and stability following Ashok Vaswani’s upcoming exit. Saha’s extensive background in credit cards, retail secured assets, and data analytics directly aligns with Kotak’s current focus on scaling its digital and retail franchise.
With a consolidated balance sheet of ₹10.1 lakh crore and nearly 6,000 branches, Saha’s immediate priority starting January 2027 will involve driving technology-led retail asset growth, managing risk parameters, and competing aggressively with large private banking peers in India.