Ashok Vaswani will not seek re-appointment after December 31, 2026.
Kotak Mahindra Bank has started the process to appoint a new MD and CEO.
Vaswani cited personal reasons for his decision.
Kotak Mahindra Bank on Saturday said its MD and CEO Ashok Vaswani will quit upon completion of three-year tenure and will not seek re-appointment when his current term ends on December 31, 2026.
Veteran banker Vaswani assumed charge as the managing director (MD) and CEO of the bank on January 1, 2024. He had worked with Barclays and Citigroup previously.
Ashok Vaswani, Managing Director & CEO of the bank, has informed the board that, for personal reasons, he does not wish to seek re-appointment upon completion of his current term on December 31, 2026, Kotak Mahindra Bank said in a regulatory filing.
1 June 2026
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"The board has, at its meeting held today, respected his decision and has initiated the process for the appointment of a new Managing Director & CEO. The process will be completed within applicable regulatory timelines," it said.
Vaswani replaced Dipak Gupta, who was the interim MD and CEO, following founder-director Uday Kotak's sudden stepping down as the head of the bank, effective September 1, 2023. This was full four months ahead of his scheduled retirement on December 31.
For the quarter ended March 2026, Kotak Mahindra Bank reported a 10% rise in consolidated net profit at ₹5,423 crore as against ₹4,933 crore in the same period a year ago.
On a standalone basis, it reported a 13% year-on-year rise in net profit at ₹4,027 crore.
Core net interest income of the bank increased 8% to ₹7,876 crore from ₹7,284 crore a year ago.
Net interest margin improved to 4.67% from 4.54% in the December quarter. However, it fell on a yearly basis, from 4.97% in Q4FY25.
