Kotak Mahindra Bank recommends two internal candidates for CEO, sources say

Business Recorder, citing two people with knowledge of the situation, reported that India's Kotak Mahindra Bank has put forward two internal names to replace chief executive Ashok Vaswani. Both executive directors, Anup Saha and Paritosh Kashyap, have been forwarded to the RBI for clearance. The shortlist is the first step in picking a successor.

Personal reasons are behind Vaswani's decision not to seek another term, which ends on December 31, 2026. The bank is India's fourth largest private lender and has aimed to become the third largest by profit after tax, a goal the next chief is expected to advance. Banking rules require at least two nominees, and the central bank can either approve one of them or ask for alternatives.

Reuters was unable to tell which candidate the bank prefers, and neither the bank nor the two executives replied to requests for comment. Vaswani took over on January 1, 2024, from founder Uday Kotak, whose family still owns 26% of the lender. Saha joined in January 2026 after leading Bajaj Finance and now oversees retail banking, while Kashyap, a longtime Kotak employee, runs wholesale banking. The stock has risen 5% across the previous five trading sessions.