India’s Kotak Mahindra Bank Ltd. has recommended two internal candidates to succeed Chief Executive Ashok Vaswani when his term ends next year, according to two sources familiar with the matter.
The private lender, India’s fourth-largest private bank, has submitted the names of executive directors Anup Saha and Paritosh Kashyap to the Reserve Bank of India for approval, the sources said.
The recommendations represent the first step in choosing a successor to Ashok Vaswani, who said when his term ends on 31 December 2026, citing personal reasons.
The appointment will be closely watched as Kotak Mahindra Bank, under the leadership of Vaswani, had set its sights on becoming India’s third-largest private lender by after-tax profit, and the new CEO is expected to accelerate that growth momentum.
India’s banking rules require banks to recommend at least two candidates for CEO positions. The RBI can then either approve one of the names or seek alternatives if they are deemed unsuitable.
Reuters could not ascertain which of the two names was the bank’s first choice. Kotak Mahindra Bank, Saha and Kashyap did not respond to requests for comment.
Vaswani, a former Barclays and Citigroup banker, became CEO on1 January 2024, succeeding founder Uday Kotak after over two decades. Kotak’s family is also the largest shareholder in the bank, owning 26%.
Saha joined Kotak in January 2026 after leading non-bank lender Bajaj Finance Ltd. and currently oversees the retail banking business at Kotak. Kashyap is a Kotak veteran who oversees the wholesale banking business.
Shares of Kotak Mahindra Bank had gained 5% over the last five trading sessions.