Manish Kothari has resigned as Kotak Mahindra Bank's commercial banking head after nearly 30 years with the organisation, marking the lender's third senior executive departure in 2026.
According to the report, Kothari is expected to start his own venture and is not planning to join another financial institution.
The resignation comes amid broader management changes at Kotak Mahindra Bank, following CEO Ashok Vaswani's decision not to seek a second term and the earlier exit of Chief Technology Officer Bhavnish Lathia.
Another Senior Exit at Kotak Mahindra Bank as Commercial Banking Head Quits
Kotak Mahindra Bank's commercial banking head Manish Kothari has resigned after nearly 30 years, marking the lender's third senior leadership exit in 2026
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Manish Kothari, head of commercial banking at Kotak Mahindra Bank, has resigned from the lender after nearly three decades with the organisation, according to people familiar with the matter, Moneycontrol reported.
His departure marks the third senior-level exit at India's fourth-largest private sector bank in 2026 and the second prominent resignation since Managing Director and CEO Ashok Vaswani indicated that he would not seek a second term.
Kotak Mahindra Bank and Kothari have not officially confirmed the development. Moneycontrol said it had reached out to both for comment.
Entrepreneurial Venture Planned
According to the report, Kothari is expected to pursue entrepreneurship and is not planning to join another financial institution immediately after his exit.
The bank is likely to hand over his responsibilities to Anu Aggarwal, who heads corporate banking at Kotak Mahindra Bank. Aggarwal, to whom Kothari previously reported, is expected to take direct charge of the commercial banking business following the transition.
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Three-Decade Journey at Kotak
Kothari joined the Kotak Mahindra Group in 1995 and spent around 30 years with the organisation, rising through various leadership roles before taking charge of the commercial banking vertical in 2022.
During his tenure, he oversaw several business segments, including microfinance, gold loans, agriculture finance and logistics. Around the same period, his long-time colleague Paritosh Kashyap, who also joined the bank in 1995, assumed leadership of the wholesale banking business.
Kothari's exit comes amid a series of leadership changes at the bank this year. Earlier in 2026, Chief Technology Officer Bhavnish Lathia stepped down, citing personal reasons and his relocation to the United States.
The latest departure adds to the ongoing management reshuffle at Kotak Mahindra Bank as the lender navigates a leadership transition under CEO Ashok Vaswani.
Market participants will now watch closely for any further organisational changes and the bank's succession plans across key business verticals.
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