Vaswani Steps Down as Kotak MD by Year-End 2026

Ashok Vaswani, Managing Director and CEO of Kotak Mahindra Bank, has announced his intention to step down upon the completion of his current term on December 31, 2026. He communicated this decision to the board, citing personal reasons for not seeking re-appointment. Vaswani, who previously held positions at Barclays and Citigroup, assumed his current role on January 1, 2024.

Following Vaswani's announcement, the bank's board has respected his decision and has officially commenced the process to identify and appoint a new Managing Director and CEO. This process will be completed within the stipulated regulatory timelines.

This leadership change follows the earlier departure of Uday Kotak, the founder-director, who stepped down as head of the bank effective September 1, 2023, four months ahead of his scheduled retirement. Dipak Gupta had briefly served as interim MD and CEO before Vaswani's appointment.

In financial news, Kotak Mahindra Bank reported a robust performance for the quarter ending March 2026. Consolidated net profit saw a 10 percent increase, reaching Rs 5,423 crore compared to Rs 4,933 crore in the same period last year. Standalone net profit rose by 13 percent year-on-year to Rs 4,027 crore. The bank's core net interest income also grew by 8 percent to Rs 7,876 crore.