Kotak Mahindra Bank Share Price in Focus; Recommends Two Internal Candidates for CEO Post

Kotak Mahindra Bank has recommended two internal executives to succeed Ashok Vaswani as chief executive officer after his term ends on December 31, 2026, according to a Reuters news report.  

The bank has submitted the names of executive directors Anup Saha and Paritosh Kashyap to the Reserve Bank of India, according to sources familiar with the matter. 

The names form the first formal step in the process of selecting Vaswani's successor. It was not known which of the two candidates, if either, was the bank's preferred choice. 

Vaswani's Term Ends Next Year 

Vaswani has said he will not seek reappointment when his current term comes to an end, citing personal reasons. He became managing director and CEO of Kotak Mahindra Bank on January 1, 2024. 

Before joining Kotak, Vaswani had worked at Barclays and Citigroup. He took over from founder Uday Kotak, who had led the bank for more than two decades. 

Saha and Kashyap Lead Key Businesses 

Saha joined Kotak Mahindra Bank in January this year after leading Bajaj Finance. He currently looks after the bank's retail banking business. 

Kashyap is a long-serving executive at the Kotak group and heads the wholesale banking business. Both candidates currently serve as executive directors of the lender. 

RBI Will Review the Recommendations 

Indian banking rules require banks to put forward at least two candidates for the top executive role. The RBI can select one of the proposed candidates or ask the bank to submit alternative names. 

Kotak Mahindra Bank is India's fourth-largest private lender. During Vaswani's tenure, the bank had set a target of becoming the country's third-largest private lender by after-tax profit. 

Succession Process Moves Forward 

The appointment will be subject to the RBI's approval. The bank will need to complete the process before Vaswani's term ends in December 2026. 

The Kotak family remains the largest shareholder in the bank, holding a 26% stake. Kotak Mahindra Bank, Saha, and Kashyap did not respond to requests for comment. 

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Kotak Mahindra Bank Share Price Performance  

As of September 1, 2026, 3:30 pm, Kotak Mahindra Bank share price closed at ₹424.65, up 1.25% from the previous closing price. 

Conclusion  

The succession process is underway at Kotak Mahindra Bank as it seeks regulatory approval for one of two internal candidates to replace Ashok Vaswani. 

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