India's fourth-largest private lender, Kotak Mahindra Bank, said on Thursday the country's central bank approved the appointment of Anup Kumar Saha as its next chief executive.
Saha will start his three-year contract on January 1, succeeding Ashok Vaswani, whose term as CEO is due to end on December 31.
Saha, an executive director at Kotak with extensive retail banking experience, takes charge at a pivotal time as the bank looks to boost growth and strengthen its position against larger rivals after a period of regulatory scrutiny of its digital banking.
Kotak's shares were up 2.7% on Thursday.
Under Vaswani, the bank outlined ambitions to become India's third-largest private lender by net profit, with investors looking for stronger execution across retail lending and deposit mobilisation to support that goal.
Kotak put forward Saha and executive director Paritosh Kashyap to the Reserve Bank of India for consideration as CEO, Reuters reported last month.
Indian banking regulations require lenders to propose at least two candidates for the top job, with the regulator selecting one.
Saha joined Kotak in January 2026 after more than eight years at non-bank lender Bajaj Finance, where he held a series of senior positions, including managing director and CEO.
He also spent more than a decade at ICICI Bank, handling businesses including retail secured assets and credit cards.
At Kotak, he oversees the retail bank, government business, data analytics and marketing, according to the bank.
"Saha is an internal candidate who also brings significant experience, making him a strong choice for a bank that has been lagging some peers on growth," said Aishvarya Dadheech, founder and chief investment officer at Fident Asset Management.
"I believe this appointment should be taken positively by the market," he added.
Kotak Mahindra Bank was founded by billionaire Uday Kotak.
