Kotak Mahindra Bank announced that the Reserve Bank of India (RBI) has approved the appointment of Anup Kumar Saha as the bank's Managing Director and Chief Executive Officer (MD & CEO). The approval, granted under Section 35B of the Banking Regulation Act, 1949, is effective from January 1, 2027, for a period of three years.

The regulatory nod was communicated via a letter dated September 30, 2026, received by the bank at 5:53 pm IST. The Board of Directors will now initiate further steps to formalize the appointment and seek members' approval as required by listing regulations.

Leadership Transition Details

Saha currently serves as a Whole-time Director (Executive Director) of the bank. He joined Kotak in January 2026 and has since overseen the Retail Bank, Government Business, Data Analytics, and Marketing functions. His appointment marks a significant leadership transition as he prepares to succeed the current MD & CEO, Ashok Vaswani.

C. S. Rajan, Chairman of the Board, welcomed the RBI’s decision, stating that Saha brings extensive experience across banking and financial services. "We look forward to Anup’s leadership in strengthening the franchise and in pursuing sustainable growth," Rajan said.

Ashok Vaswani, the outgoing MD & CEO, noted that Saha has demonstrated a clear understanding of opportunities ahead since joining Kotak. "I am confident that Anup will build on Kotak’s strong foundations, deepen its customer relationships and lead the Bank forward with purpose and discipline," Vaswani stated.

Professional Background and Experience

Anup Kumar Saha brings over 32 years of professional experience, including 25 years in financial services across banking and non-banking financial institutions. His career trajectory includes significant leadership roles at major Indian financial entities.

Prior to joining Kotak, Saha held progressive senior roles at Bajaj Finance Limited (BFL) from October 2017 to January 2026. At BFL, he served as President–Consumer Finance, Deputy CEO, Executive Director, and Deputy Managing Director before becoming MD & CEO. During his tenure as Executive Director, he was responsible for the entire standalone business of BFL.

Before his stint at Bajaj Finance, Saha spent 14 years at ICICI Bank Limited. There, he led businesses and functions spanning Retail Secured Assets, Business Intelligence, Retail and Rural Collections, Credit Cards, and Retail Structured Finance. He also served as a Nominee Director on the boards of TransUnion CIBIL Limited and ICICI Home Finance Limited.

Earlier in his career, Saha worked with GE Capital looking after credit cards, sales, and analytics, and with Bharat Heavy Electricals Limited in production engineering. He holds a B. Tech degree in Engineering from IIT Kharagpur and an MBA from IIM Lucknow.

What the Numbers Show

The appointment highlights a strategic focus on retail and digital leadership. Saha’s background is heavily weighted towards consumer finance and retail banking, evidenced by his previous role overseeing Consumer Finance at Bajaj Finance and Retail Secured Assets at ICICI Bank. This aligns with Kotak’s current operational structure where Saha already oversees the Retail Bank and Data Analytics functions. The transition from an internal Whole-time Director who has been with the bank for less than a year suggests a planned succession strategy aimed at continuity in retail-led growth initiatives.

Kotak Mahindra Bank Board of Directors approved the scheme of amalgamation of Kotak Mahindra Investments Limited (KMIL) with Kotak Alternate Asset Managers Limited (KAAML) on September 25, 2026. Both entities are wholly owned subsidiaries of the bank.

The transaction aims to achieve group simplification by eliminating duplicate corporate infrastructure and aligning capital at the group level. It also strengthens KAAML's sponsor capital capacity. The move completes the post-regulatory business alignment initiated under the Reserve Bank of India (Commercial Banks - Undertaking of Financial Services) Directions, 2025.

Regulatory Context and Business Alignment

Effective April 1, 2026, KMIL ceased sanctioning new loans as part of the transition mandated by RBI directions. On July 1, 2026, KMIL assigned and transferred its entire bankable loan portfolio to Kotak Mahindra Bank. Currently, KMIL is engaged only in the acquisition or disposal of securities as part of its treasury investments.

KAAML continues to operate in alternate asset management and investment advisory services. The amalgamation is subject to statutory approvals, including sanction from the jurisdictional Regional Director, Central Government, shareholder and creditor approvals, and clearance from BSE Limited and the Reserve Bank of India.

Financial Metrics of Entities

The disclosure provides financial details for both companies as on March 31, 2026, for the year ended on that date.

The transferor company, KMIL, holds a net worth significantly higher than the transferee, KAAML, despite generating higher revenue. This reflects the shift in business model where KMIL's lending book was moved to the parent bank, leaving it primarily with treasury assets.

Share Exchange Ratio

Under the scheme, KAAML will issue and allot shares to KMIL shareholders in a specific ratio. For every 6 equity shares of face value ₹10 each held in KMIL, shareholders will receive 7 equity shares of face value ₹10 each in KAAML.

Since both companies are wholly owned subsidiaries, the bank remains the ultimate owner. Consequently, there will be no change in the shareholding pattern of Kotak Mahindra Bank following this amalgamation. The transaction is exempt from certain SEBI Listing Regulations provisions regarding related party transactions due to the wholly owned nature of the entities involved.