'I am delighted': Uday Kotak after RBI approves Ashok Vaswani as new CEO for Kotak Mahindra Bank

The Reserve Bank of India (RBI) has granted approval for the appointment of industry veteran Ashok Vaswani as the next Chief Executive Officer (CEO) of Kotak Mahindra Bank, as confirmed by Uday Kotak, the bank's founder and director, on October 21.

Uday Kotak expressed his excitement on social media platform X (formerly known as Twitter), saying, “I am delighted that the RBI has approved our recommendation, Ashok Vaswani, as the next CEO of Kotak Mahindra Bank. Ashok is a world class leader and banker with digital and customer focus. I am proud that we bring a ‘Global Indian’ home to build Kotak and India of tomorrow."

In a regulatory filing, the bank stated that the RBI has approved the appointment of Ashok Vaswani as the Managing Director & CEO of the bank under Section 35B of the Banking Regulation Act, 2013. Vaswani is set to assume his role for a term of three years, effective from the date of his appointment, which is expected to be no later than January 1, 2024, according to Kotak Mahindra Bank.

This appointment became necessary when Uday Kotak, the incumbent CEO of the bank, stepped down on September 3. Dipak Gupta had been elevated as the interim CEO until a permanent successor was named.

Commenting on the appointment, Gupta stated, “We welcome Ashok to the Kotak family. Ashok brings with him values and experience that align with Kotak’s vision to transform into a tech-enabled, customer centric financial institution for the future."

Ashok Vaswani expressed his honour in continuing the legacy of Uday Kotak, who is credited with building Kotak Mahindra Bank to its current stature. He emphasised, “With our proven leadership team we will take the bank to new heights. We will ensure that Kotak Mahindra Bank plays a meaningful role in India’s journey to being one of the top 3 economies in the world in the next 5 years, delivering shareholder value," he said.

Vaswani boasts a distinguished career spanning over three and a half decades. Presently, he serves as the President of Pagaya Technologies Ltd, a US-Israeli AI Fintech company, and is a board member of the London Stock Exchange Group. His previous roles include serving as the CEO of Barclays Bank, UK, and as the CEO of Citigroup Asia Pacific.

Also Read Uday Kotak's storied legacy: How he leaves behind an organisation that will stand the test of time