Big CEO Change At Kotak Bank! Anup Saha Gets RBI Nod For Top Job

Kotak Mahindra Bank has received Reserve Bank of India approval to appoint Anup Kumar Saha as its Managing Director and Chief Executive Officer for a three-year term beginning January 1, 2027, setting out a planned leadership transition at one of India’s largest private-sector lenders.

The RBI conveyed its approval under Section 35B of the Banking Regulation Act, 1949, through a letter dated September 30, 2026. Kotak said it received the communication at 5:53 pm on the same day and disclosed the development on October 1. The bank’s board will now complete the formal appointment process and seek approval from shareholders.

Saha is currently a Whole-time Director, or Executive Director, at Kotak Mahindra Bank, where he oversees the retail bank, government business, data analytics and marketing functions. He joined the lender in January 2026 and assumed the Executive Director role in March.

The appointment gives Kotak a defined transition path ahead of the new CEO’s January 2027 start date. Saha’s responsibilities already cover several areas central to Kotak’s strategy, including retail customer acquisition, deposits, digital engagement and data-led cross-selling.

The bank has been pursuing growth through four customer propositions covering affluent and high-net-worth customers, Kotak811 digital banking users, SMEs and institutional clients. Its June 2026 presentation showed deposits at Rs 5,72,820 crore, up 12 per cent year-on-year, while net advances rose 15 per cent to Rs 5,12,249 crore.

Retail banking is a particularly important part of Saha’s remit. As of June 30, 2026, Kotak’s retail banking advances stood at Rs 2,02,842 crore, while institutional banking advances were Rs 2,59,895 crore. The bank has been seeking to expand in secured retail credit, SME banking and affluent customer relationships while maintaining caution in unsecured lending categories.

Saha brings more than 32 years of professional experience, including 25 years in financial services. Before joining Kotak, he spent more than eight years at Bajaj Finance, where he held several senior operating roles and was Managing Director and CEO from April 2025 until his resignation in July 2025. His responsibilities at Bajaj Finance included its entire standalone business during his Executive Director-level roles.

Earlier, he spent 14 years at ICICI Bank across retail secured assets, business intelligence, collections, credit cards and structured finance. He has also worked with GE Capital in credit cards, sales and analytics. Saha holds an engineering degree from IIT Kharagpur and an MBA from IIM Lucknow.

Kotak Chairman C. S. Rajan said Saha had already been actively engaged with the bank’s businesses and would help strengthen the franchise while pursuing sustainable growth. Current Managing Director and CEO Ashok Vaswani said Saha had developed a clear understanding of the opportunities ahead and could deepen customer relationships with ‘purpose and discipline’.

The leadership succession comes as Kotak’s operating indicators have improved. In the June 2026 quarter, standalone net sales rose 4.63 per cent year-on-year to Rs 14,477.49 crore, while reported profit after Tax increased 25.64 per cent to Rs 4,122.96 crore. The bank’s June presentation also showed gross non-performing assets improving to 1.18 per cent from 1.48 per cent a year earlier, although funding mix, commercial vehicle finance and select unsecured portfolios remain areas to watch.

As of 9:30 am on October 1, 2026, Kotak Mahindra Bank shares were trading at Rs 428.85, up 2.69 per cent from the previous close of Rs 417.60. The stock was about 3.6 per cent below its 52-week high of Rs 445.01 and had gained 2.84 per cent over the preceding year, compared with a 3.22 per cent decline in the BSE 500.

Disclaimer: The article is for informational purposes only and not investment advice.