Kotak Bank announced a significant leadership appointment on January 12, 2026, as the Board of Directors approved the appointment of Mr. Anup Kumar Saha as Additional Director and Whole-time Director. The appointment marks a strategic addition to the bank's senior management team, bringing extensive financial services expertise to the organization.

Appointment Details and Structure

The Board of Directors, in their meeting held on January 12, 2026, structured Mr. Saha's appointment in two phases to ensure regulatory compliance:

Mr. Saha will also assume the position of Key Managerial Personnel once his appointment as Whole-time Director takes effect following receipt of all necessary regulatory and statutory approvals from the Reserve Bank of India and other relevant authorities.

Professional Background and Experience

Mr. Anup Kumar Saha brings over 32 years of professional experience to Kotak Mahindra Bank, with 25 years specifically focused on financial services across banking and non-banking financial institutions. His career trajectory demonstrates progressive leadership growth in the financial sector.

Bajaj Finance Limited Tenure

Mr. Saha's most recent association was with Bajaj Finance Limited from October 2017 to January 2026, where he held multiple senior positions:

Earlier Career Experience

Prior to Bajaj Finance Limited, Mr. Saha spent 14 years at ICICI Bank Limited from May 2003 to June 2017. During his tenure at ICICI Bank, he served in various senior roles leading critical business segments including:

• Retail Secured Assets
• Business Intelligence
• Retail and Rural Collections
• Credit Cards
• Retail Structured Finance

He also served as a Nominee Director of ICICI Bank on the boards of TransUnion CIBIL Limited and ICICI Home Finance Limited, demonstrating his governance and strategic oversight capabilities.

Educational Qualifications

Mr. Saha holds strong academic credentials that complement his professional experience:

• B. Tech degree in Engineering from IIT – Kharagpur
• MBA from IIM – Lucknow

His early career included positions at GE Capital (1999–2003) focusing on credit cards sales and analytics, and Bharat Heavy Electricals Limited (1991–1995) in production engineering, following experience in consumer durable sales.

Regulatory Compliance and Board Meeting Details

The bank confirmed that Mr. Saha is not debarred from holding the office of a Director pursuant to any SEBI Order or any other regulatory authority. The Board Meeting that approved this appointment commenced at 8:30 a.m. IST and concluded at 8:45 a.m. IST on January 12, 2026.

The appointment disclosure also confirmed that Mr. Saha is not related to any existing Director of the Bank, ensuring independence in his role. The bank has made this information available on its website for stakeholder access and transparency.

Kotak Bank has announced a significant leadership addition with the appointment of Anup Kumar Saha as Whole-Time Director, effective January 12. Until regulatory approval is obtained, Saha will serve as Designate Whole-time Director and part of the Senior Management team, the bank confirmed through an exchange filing.

Leadership Background and Experience

Anup Kumar Saha brings extensive experience from his recent role as Managing Director of Bajaj Finance, where he spent eight years leading the non-banking financial company (NBFC). During his tenure at Bajaj Finance, Saha was instrumental in transforming the organization into one of India's most profitable NBFCs in the consumer finance sector.

Prior to his successful stint at Bajaj Finance, Saha accumulated 14 years of experience at ICICI Bank, where he held various senior leadership positions that provided him with comprehensive banking sector expertise.

Role and Responsibilities at Kotak Mahindra Bank

In his new position at Kotak Mahindra Bank, Anup Kumar Saha will oversee three critical business functions:

• Consumer Banking operations
• Marketing initiatives
• Data Analytics functions

The bank emphasized that Saha's background in consumer finance will strengthen Kotak's leadership depth while driving customer-centric transformation, digital innovation, and data-led strategies across the organization.

Management Response

CS Rajan, Chairman of the Board at Kotak Mahindra Bank, expressed enthusiasm about the appointment, stating: "We are delighted to welcome Anup to Kotak's Board. His leadership in scaling businesses, driving digital transformation and building customer-centric organizations will be invaluable as we continue to strengthen our position in the financial sector."

Ashok Vaswani, MD & CEO of Kotak Mahindra Bank, highlighted the strategic importance of the appointment: "Anup's appointment underscores Kotak's commitment to building a market-leading financial services business and a strong bench of experienced leaders. His extensive understanding of retail finance, data-driven growth and innovation will help us accelerate our strategy and deliver even greater value to our customers."

Strategic Implications

This appointment represents Kotak Mahindra Bank's continued focus on strengthening its leadership team with experienced professionals who have proven track records in consumer finance and digital transformation. Saha's expertise in scaling customer bases and implementing data-driven strategies aligns with the bank's growth objectives in the competitive Indian banking sector.