Ashok Vaswani Takes the Helm! RBI Nods Approval for Kotak Bank’s New CEO – Banking Revolution Unleashed!

In a regulatory filing, the Kotak bank reported that the RBI has sanctioned the appointment of Ashok Vaswani as the Managing Director & CEO of the bank under Section 35B of the Banking Regulation Act, 2013.

Ashok Vaswani to be the new CEO of Kotak Mahindra Bank
Ashok Vaswani to be the new CEO of Kotak Mahindra Bank.

The Reserve Bank of India (RBI) has given the green light for the appointment of seasoned industry professional Ashok Vaswani as the upcoming Chief Executive Officer (CEO) of Kotak Mahindra Bank, as officially announced by Uday Kotak, the bank’s founder and director, on October 21.

Uday Kotak announced Ashok Vaswani as the new CEO of Kotak Bank

Expressing his enthusiasm on the X social media platform (formerly known as Twitter), Uday Kotak declared, “I am delighted that the RBI has approved our recommendation, Ashok Vaswani, as the next CEO of Kotak Mahindra Bank. Ashok is a world-class leader and banker with digital and customer focus. I am proud that we bring a ‘Global Indian’ home to build Kotak and India of tomorrow.”

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In a regulatory filing, the bank reported that the RBI has sanctioned the appointment of Ashok Vaswani as the Managing Director & CEO of the bank under Section 35B of the Banking Regulation Act, 2013. Vaswani is slated to assume his role for a term of three years, effective from the date of his appointment, anticipated to be no later than January 1, 2024, according to Kotak Mahindra Bank.

This appointment became necessary after Uday Kotak, the current CEO of the bank, stepped down on September 3. Dipak Gupta had taken on the role of interim CEO until a permanent successor was identified.

Offering remarks on the appointment, Gupta commented, “We welcome Ashok to the Kotak family. Ashok brings with him values and experience that align with Kotak’s vision to transform into a tech-enabled, customer-centric financial institution for the future.”

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Ashok Vaswani expressed his honor in continuing Uday Kotak’s legacy, credited with elevating Kotak Mahindra Bank to its present stature. He stressed, “With our proven leadership team, we will take the bank to new heights. We will ensure that Kotak Mahindra Bank plays a meaningful role in India’s journey to being one of the top 3 economies in the world in the next 5 years, delivering shareholder value.”

Vaswani, with a career spanning over three and a half decades, currently holds the position of President at Pagaya Technologies Ltd, a US-Israeli AI Fintech company, and serves as a board member of the London Stock Exchange Group. His notable past roles include serving as the CEO of Barclays Bank, UK, and as the CEO of Citigroup Asia Pacific.

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