Ashok Vaswani's appointment as Kotak Mahindra Bank's CEO approved by RBI

The Reserve Bank of India (RBI) has given its approval for the appointment of Ashok Vaswani as the Managing Director and Chief Executive Officer (MD &amp; CEO) of Kotak Mahindra Bank. The move follows the departure of Uday Kotak, the veteran banker and co-founder of the bank, who stepped down from his role last month.Vaswani's tenure as MD &amp; CEO will span three years, commencing from the date he formally takes office, which must occur no later than January 1, 2024. the appointment is subject to approval from the bank's shareholders, as indicated by the private lender."I thank the board for entrusting me with the responsibility of leading Kotak Mahindra Bank's journey to the next phase of growth. I am excited and honoured to carry forward the legacy of Uday who has built this world-class institution," Vaswani said.About Ashok VaswaniVaswani was CEO of Barclays Bank, UK and thereon CEO of their global consumer, private, corporate and payments businesses and also a member of its group executive committee. He has served as the CEO of Citigroup Asia Pacific and a member of the Citigroup global operating and management committees.Like Uday Kotak, he is also an alumnus of the city's Sydenham College of Commerce and Economics. Vaswani is also a qualified chartered accountant and company secretary.Kotak was set to retire from his executive role in December. However, it was cut short four months ahead of schedule. His early exit from the country's fourth-largest bank was cited as a personal reason."Succession at Kotak Mahindra Bank has been foremost on my mind, since our Chairman, myself and Joint MD are all required to step down by year-end. I am keen to ensure a smooth transition by sequencing these departures. I initiate this process now and step down voluntarily as CEO," said Kotak on September 2, soon after resigning, on X. This came as the Reserve Bank of India capped the tenure of a managing director and chief executive officer at 15 years in private sector banks. This is due to the RBI's norms on leadership appointment which was reviewed after the Yes Bank debacle.Kotak, whose holding in the bank stands at 26 per cent, has become a non-executive director of the bank. With over three decades of experience in the banking industry, Vaswani is recognised as a seasoned professional in this field. His career has encompassed leadership positions 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.(With PTI Inputs)

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Ashok Vaswani's appointment as Kotak Mahindra Bank's CEO approved by RBI

The move follows the departure of Uday Kotak, the veteran banker and co-founder of the bank, who stepped down from his role last month.

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