Ashok Vaswani takes charge as CEO & MD of Kotak Mahindra Bank

Ashok Vaswani on Monday assumed the role of managing director (MD) and CEO of the Kotak Mahindra Bank, the banking and financial services company informed.

The appointment comes as a replacement of Dipak Gupta, the interim MD and CEO, after Founder-Director Uday Kotak stepped down as the head of the bank, with effect from September 1 last year.

In October last year, the Reserve Bank of India (RBI) had approved the appointment of Ashok Vaswani as the bank's MD and CEO for a time-period of three years.

Vaswani and Uday Kotak both are an alumnus of the Sydenham College of Commerce and Economics.

The former is also a qualified chartered accountant (CA) and company secretary (CS), and has worked for Barclays in the recent past.

Preceding the current designation, Vaswani held the post of President for Pagaya Technologies Ltd, a US-Israeli AI Fintech firm.

Apart from this change in top-brass, CS Ranjan assumed the charge as the Chairman of Kotak Mahindra Bank, post approval from RBI on December 27 last year.

Rajan's appointment as the part-time chairman of the board follows the retirement of Prakash Apte, whose term expired on December 31, 2023.

Rajan was appointed as an Independent Director on the board of the bank from October 22, 2022, the filing mentioned.

An IAS officer of the 1978 batch, he got retired as Chief Secretary of the Rajasthan government in 2016.