RBI approves Ashok Vaswani as Kotak Mahindra Bank's CEO after Uday Kotak's departure

Kotak Mahindra Bank made an announcement on Saturday that the Reserve Bank of India (RBI) has granted its approval for the appointment of Ashok Vaswani as the upcoming Managing Director and Chief Executive Officer (MD & CEO) of the bank.

This appointment comes in the wake of the departure of veteran banker and co-founder Uday Kotak, who stepped down from his position last month.

Vaswani's term as MD & CEO will span three years from the date he officially assumes office, which must occur no later than January 1, 2024. It's important to note that this appointment is contingent on receiving approval from the bank's shareholders, as stated by the private lender.

Vaswani is a prominent figure in the banking sector, boasting a distinguished career with a rich history of leadership roles. Here's a concise summary of his background:

With over three decades of experience in the banking industry, he is widely regarded as a seasoned professional in this field. His professional journey encompasses leadership roles at both Citigroup and Barclays. Notably, he served as the Chief Executive Officer of Barclays Bank, UK, and subsequently took charge of their global consumer, private, corporate, and payments divisions.

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