Kotak Mahindra Bank has recommended two internal candidates—executive directors Anup Saha and Paritosh Kashyap — to the Reserve Bank of India (RBI) for approval as potential successors to Chief Executive Ashok Vaswani, Reuters reported, citing two sources familiar with the matter.
Vaswani has said he will not seek reappointment when his term ends on December 31, 2026, citing personal reasons. Under India's banking rules, banks are required to recommend at least two potential candidates for CEO positions. The RBI can approve one of the candidates or seek alternatives if it finds them unsuitable.
Anup Kumar Saha is a Whole-time Director at Kotak Mahindra Bank and is part of the bank's senior management team, according to the bank's website. His current responsibilities span consumer banking, marketing and data analytics, with a focus on customer-centric transformation and digital innovation.
Kotak Mahindra Bank has recommended Anup Saha and Paritosh Kashyap as potential successors to CEO Ashok Vaswani.
Anup Saha is a Whole-time Director with experience in consumer banking and marketing, previously serving as Managing Director at Bajaj Finance, and has held significant roles at ICICI Bank.
Paritosh Kashyap is a Whole-time Director with over 30 years in capital structuring and financing, previously serving as Group President of Wholesale Banking at Kotak Mahindra Bank.
The recommendations of Saha and Kashyap to the Reserve Bank of India mark the first step, after which the RBI will either approve one of the candidates or seek alternatives.
Ashok Vaswani has announced he will not seek reappointment when his term ends on December 31, 2026, citing personal reasons.
Saha joined Kotak Mahindra Bank in January this year after serving as Managing Director and Deputy Managing Director at Bajaj Finance. At Bajaj Finance, he oversaw consumer finance portfolios and worked on initiatives that expanded the company's customer base to over 100 million, according to Kotak Mahindra Bank.
Before Bajaj Finance, Saha spent 14 years at ICICI Bank, where he served as Senior General Manager and Group Product Head. He managed businesses including retail home loans, vehicle loans, developer funding and credit cards.
He has also held board positions at ICICI Bank HFC and TransUnion CIBIL.
Saha began his career with roles at GE Capital, SBI Cards, Blow Plast and BHEL. He holds an MBA from the Indian Institute of Management (IIM), Lucknow, and an engineering degree from the Indian Institute of Technology (IIT), Kharagpur.
Paritosh Kashyap is a Whole-time Director at Kotak Mahindra Bank and has more than three decades of experience in capital structuring, financing and securitisation.
He previously served as Group President & Head of Wholesale Banking, where he was responsible for growth across corporate banking, structured finance and infrastructure financing.
Kashyap also serves as a Non-Executive Director on the boards of Kotak Mahindra Investments and Kotak Infrastructure Debt Fund. He is also a director on the board of Kotak Mahindra Capital Company.
