Kotak Mahindra Bank names Anup Saha CEO from 2027

Appointment announced after RBI approval

Kotak Mahindra Bank said it has appointed Anup Kumar Saha as its next Managing Director and Chief Executive Officer for a three-year term. The appointment comes after the Reserve Bank of India (RBI) approved the proposal, the bank said in a regulatory update. The leadership change sets up a transition at the top of one of India’s large private sector lenders. Saha is expected to succeed the current MD and CEO, Ashok Vaswani, when Vaswani’s term ends next year.

RBI nod under Banking Regulation Act

The bank said the RBI’s approval was granted under Section 35B of the Banking Regulation Act, 1949. According to Kotak Mahindra Bank, the approval is effective from January 1, 2027. The term of appointment is for a period of three years starting from that date. The bank also disclosed the timing of the regulatory communication, stating it received the RBI letter at 5:53 pm IST.

Key dates: letter received on September 30, 2026

Kotak Mahindra Bank said the regulatory nod was communicated via a letter dated September 30, 2026. The Reuters report datelined Mumbai, Oct 1, also said the bank appointed Saha for a three-year term. These dates establish the sequence of events leading to the formal announcement. The effective date, January 1, 2027, provides a defined runway for an orderly handover.

Board process and member approval

The bank said its Board of Directors will initiate further steps to formalise the appointment. It also said it will seek members’ approval, as required under listing regulations. This indicates the appointment process includes governance steps beyond the RBI’s clearance. The disclosures emphasise that the transition is being executed through the bank’s board and shareholder processes, consistent with listed-entity compliance.

Saha’s current position at Kotak Mahindra Bank

Saha currently serves as a Whole-time Director (Executive Director) of Kotak Mahindra Bank. The bank said he joined Kotak in January 2026. Since then, he has overseen key functions including the Retail Bank, Government Business, Data Analytics, and Marketing. In earlier disclosures around his executive director appointment, Kotak also described his remit as Consumer Banking, Marketing and Data Analytics.

Earlier RBI approval made him whole-time director

Kotak Mahindra Bank has previously disclosed that the RBI approved Saha’s appointment to the bank’s board via a letter dated March 6, 2026. Effective March 6, 2026, Saha became a Whole-time Director (Executive Director) and a Key Managerial Personnel of the bank. The bank also stated that as a result of this appointment, he ceased to be a Senior Management Personnel. These steps placed him formally on the board and in a key managerial role ahead of the CEO succession decision.

Career background: financial services and consumer finance roles

The bank and related disclosures describe Saha as having over 32 years of professional experience, including 25 years in financial services across banking and non-banking financial institutions. Before joining Kotak Mahindra Bank, he was associated with Bajaj Finance Limited from October 2017 to January 2026. During that period, he held multiple senior roles and served as Managing Director and CEO from April 2025 until his resignation in July 2025. Reports around the July 2025 exit said he resigned citing personal reasons. Disclosures also mention a long stint at ICICI Bank, including references to 14 years with the lender.

Why the transition matters for investors and operations

A change in MD and CEO is a material governance event for a listed bank because it can influence execution priorities and continuity in leadership. In Kotak’s case, the effective date is set for January 1, 2027, while the incumbent’s term ends next year, signalling a planned succession timeline. The bank’s disclosures link Saha to core retail and data-led functions that are central to day-to-day banking operations. The fact that the RBI approval is already in place reduces uncertainty on regulatory clearance, even as the bank proceeds with required corporate approvals.

Key facts at a glance

Market impact and what to watch next

Kotak Mahindra Bank did not provide financial projections or operational changes tied to the appointment in the disclosed text. What is confirmed is the sequence of approvals and the governance steps that remain, including board formalisation and member approval under listing regulations. Investors typically track such updates for clarity on continuity, leadership responsibilities, and regulatory compliance timelines. The next milestones, based on the bank’s disclosure, are the board-led formalisation process and the shareholder approval process.

Conclusion

Kotak Mahindra Bank has lined up Anup Kumar Saha as its next MD and CEO after receiving RBI approval, with the role effective January 1, 2027, for three years. Saha has been with the bank since January 2026 and currently serves as a whole-time director overseeing key retail and analytics-linked functions. The bank said its board will now take steps to formalise the appointment and seek members’ approval as required by listing regulations.