In an exchange filing on Saturday, June 27, the lender said Vaswani had conveyed his decision to the board citing personal reasons. The board has accepted his decision and initiated the process of appointing a new MD and CEO in accordance with applicable regulatory timelines.
According to sources who spoke to CNBC-TV18, the bank had informed the RBI a few weeks ago about Ashok Vaswani’s decision not to seek another term after his current tenure ends. Sources said the decision is entirely driven by personal reasons and is not linked to any business or regulatory considerations.
Sources further indicated that the bank is expected to begin the formal succession process well ahead of the deadline and may submit a shortlist of candidates to the RBI around four months before Vaswani’s term concludes.
The shortlist is likely to comprise three names and include a mix of internal and external candidates as Kotak Mahindra Bank looks to identify its next chief executive.
The announcement comes more than six months before the end of Vaswani’s tenure, providing the bank with ample time to execute a smooth succession process and secure the necessary regulatory approvals.
Vaswani took charge as Kotak Mahindra Bank’s MD and CEO in January 2024, succeeding founder Uday Kotak. His appointment marked a significant milestone for the lender as it looked to strengthen its technology, digital and consumer banking capabilities while navigating an evolving regulatory landscape. The bank did not provide any details regarding potential candidates for the role.
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Ahead of the announcement, shares of Kotak Mahindra Bank closed at ₹2,409.75 on Thursday, up 0.94% for the session. Investors are likely to track further developments around the succession process in the coming months.
