has recommended two internal candidates—executive directors Anup Saha and Paritosh Kashyap — to the (RBI) for approval as potential successors to Chief Executive , 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.
Here is a look at the two candidates:
Anup Saha
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.
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
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.
A Chartered Accountant and Cost & Works Accountant, Kashyap was recognised as “CA Business Leader” by the Institute of Chartered Accountants of India (ICAI) in 2024.
What next in the succession plan?
The recommendations are the first step in the process of selecting Vaswani’s successor, according to Reuters.
Vaswani, a former Barclays and Citigroup banker, became CEO of Kotak Mahindra Bank on January 1, 2024, succeeding founder Uday Kotak after more than two decades.
The appointment will be closely watched as the bank under Vaswani had set its sights on becoming India’s third-largest private lender by after-tax profit. The new CEO will be expected to build on that growth momentum, Reuters reported.