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What is the story about?
The Reserve Bank of India, on Thursday, October 1, granted approval for Anup Kumar Saha to become the next MD & CEO of Mumbai-based Kotak Mahindra Bank Ltd. Saha will replace outgoing MD & CEO Ashok Vaswani from January 1, 2027 for a period of three years.
Kotak Mahindra Bank made this announcement on Thursday morning in an exchange filing. The stock gained as much as 3.5% in early trade on Thursday.
Saha had joined Kotak Mahindra Bank in January 2026, and has been Whole-time Director and Executive Director of the bank since March this year, overseeing the retail bank, government business, data analytics and market functions.
Prior to joining Kotak Mahindra Bank, Saha had a near-decade-long stint at Bajaj Finance, where he held various roles from October 2017 to January 2026.
Saha joined as President of Consumer Finance, a role he held until March 2019, before transitioning to Deputy CEO of Consumer, MSME, Marketing, Operations & Service and Digital Platforms until March 2022. He then became Executive Director until March 2024, Deputy Managing Director from April 2024 to March 2025 and then as MD & CEO until his resignation in July 2025.
This is confirmation of a CNBC-TV18 newsbreak from August 31 this year, where Ritu Singh had reported about the submission of CEO candidates by the bank to the RBI. Anup Saha and Paritosh Kashyap were recommended by the bank for the role, according to sources with knowledge of the matter. Kashyap is also a whole-time Director at the bank.
The news was first reported by CNBC-TV18 on June 28.
In June 2026, Kotak Mahindra Bank's outgoing CEO Ashok Vaswani had announced that he will not be seeking reappointment as MD & CEO after his term ends on December 31, 2026, citing personal reasons, including the arrival of his grandchild, as he told CNBC-TV18 in an interaction on July 18.
Shares of Kotak Mahindra Bank ended 2.2% higher on Wednesday at ₹415.15. The stock is down 6.5% so far this year.
The newsbreak was first reported by CNBC-TV18's Ritu Singh.
Kotak Mahindra Bank made this announcement on Thursday morning in an exchange filing. The stock gained as much as 3.5% in early trade on Thursday.
Saha had joined Kotak Mahindra Bank in January 2026, and has been Whole-time Director and Executive Director of the bank since March this year, overseeing the retail bank, government business, data analytics and market functions.
Prior to joining Kotak Mahindra Bank, Saha had a near-decade-long stint at Bajaj Finance, where he held various roles from October 2017 to January 2026.
Saha joined as President of Consumer Finance, a role he held until March 2019, before transitioning to Deputy CEO of Consumer, MSME, Marketing, Operations & Service and Digital Platforms until March 2022. He then became Executive Director until March 2024, Deputy Managing Director from April 2024 to March 2025 and then as MD & CEO until his resignation in July 2025.
This is confirmation of a CNBC-TV18 newsbreak from August 31 this year, where Ritu Singh had reported about the submission of CEO candidates by the bank to the RBI. Anup Saha and Paritosh Kashyap were recommended by the bank for the role, according to sources with knowledge of the matter. Kashyap is also a whole-time Director at the bank.
The news was first reported by CNBC-TV18 on June 28.
In June 2026, Kotak Mahindra Bank's outgoing CEO Ashok Vaswani had announced that he will not be seeking reappointment as MD & CEO after his term ends on December 31, 2026, citing personal reasons, including the arrival of his grandchild, as he told CNBC-TV18 in an interaction on July 18.
Shares of Kotak Mahindra Bank ended 2.2% higher on Wednesday at ₹415.15. The stock is down 6.5% so far this year.
The newsbreak was first reported by CNBC-TV18's Ritu Singh.
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