RBI clears Anup Kumar Saha as Kotak Mahindra Bank's next MD and CEO
Kalpana Maurya
1 Oct 2026 · 3 min read
The Reserve Bank of India has approved Anup Kumar Saha, a whole-time director at Kotak Mahindra Bank and a former Bajaj Finance MD and CEO, as the lender's next managing director and CEO. He takes over from Ashok Vaswani on 1 January 2027 for a three-year term.
The Reserve Bank of India has approved the appointment of Anup Kumar Saha as managing director and chief executive of Kotak Mahindra Bank for three years with effect from 1 January 2027, the private lender said in a stock exchange filing reported on 1 October 2026. Saha, currently a whole-time director (executive director) at the bank, will succeed Ashok Vaswani.
The bank's board will take further steps to formalise the appointment and will seek shareholder approval, according to the filing as reported by Business Today and Upstox.
Who is Anup Kumar Saha
Saha joined Kotak Mahindra Bank in January 2026 and has overseen its retail bank, data analytics and marketing functions since March 2026. He has more than 32 years of work experience, of which 25 years have been in financial services across banks and non-bank lenders.
Before Kotak, he held a series of senior roles at Bajaj Finance, ending as its managing director and CEO. Earlier he spent 14 years at ICICI Bank, where he led areas including retail secured assets, business intelligence, retail and rural collections, credit cards and retail structured finance. His early career included stints at GE Capital, in credit cards, sales and analytics, and at Bharat Heavy Electricals in production engineering.
Saha holds a BTech in engineering from IIT Kharagpur and an MBA from IIM Lucknow, according to the bank's announcement as carried by Business Today.
What the bank's leadership said
Chairman C S Rajan welcomed the central bank's approval and said Saha was already actively engaged with the bank's businesses in his current role. Vaswani, the outgoing MD and CEO, described his successor as "a seasoned financial services leader with deep experience across businesses, customer segments and operating functions."
Saha, in his own statement reported by Upstox, said he was grateful for the board's trust and would focus on deepening customer relationships and building sustainable value for shareholders and other stakeholders.
Market reaction
Kotak Mahindra Bank shares rose on 1 October after the announcement. Upstox reported that the stock gained as much as 3.66% during the session on the NSE, while NDTV Profit's headline described a gain of more than 3%.
The approval sets up a leadership handover at the start of 2027. Because Saha has been on the bank's board as a whole-time director since early 2026, the incoming chief will take over having already run its retail franchise for most of a year.
Key facts
- Company: Kotak Mahindra Bank
- Incoming MD and CEO: Anup Kumar Saha
- Outgoing MD and CEO: Ashok Vaswani
- Term: three years, effective 1 January 2027
- Approval: Reserve Bank of India; shareholder approval still to be sought
- Saha's current role: whole-time director (executive director), overseeing retail bank, data analytics and marketing
- Previous roles: MD and CEO of Bajaj Finance; 14 years at ICICI Bank
- Education: BTech, IIT Kharagpur; MBA, IIM Lucknow
- Reported: 1 October 2026
Frequently asked questions
Who is the new MD and CEO of Kotak Mahindra Bank?
Anup Kumar Saha, currently a whole-time director at the bank, will become MD and CEO on 1 January 2027 after the RBI approved his appointment.
Whom does Anup Kumar Saha replace?
He succeeds Ashok Vaswani, the bank's current managing director and CEO.
How long is Anup Kumar Saha's term?
The RBI approved the appointment for three years from 1 January 2027.
Where did Anup Kumar Saha work before Kotak?
He held senior roles at Bajaj Finance, finishing as its MD and CEO, and earlier spent 14 years at ICICI Bank. He also worked at GE Capital and BHEL.
