Who is Anup Kumar Saha, the new MD and CEO of Kotak Mahindra Bank?
Anup Kumar Saha is currently whole-time director (executive director) of Kotak Bank and has previously worked with Bajaj Finance and ICICI Bank during a professional career spanning 32 years.
- Oct 1, 2026,
- Updated Oct 1, 2026 10:41 AM IST
Kotak Mahindra Bank on Thursday said the Reserve Bank of India (RBI) has approved its application to appoint whole-time director Anup Kumar Saha as the new managing director and chief executive for a three-year period, effective January 1, 2027.
The position had opened up after incumbent MD and CEO Ashok Vaswani had informed the bank’s board in June 2026 that for personal reasons he didn’t wish to seek reappointment upon completion of his current term on December 31. Vaswani had taken the top job at the private sector lender only in January 2024.
Saha is currently whole-time director (executive director) of Kotak Mahindra Bank. He joined the lender in January 2026 and has overseen the retail bank, data analytics and marketing function, since March 2026.
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“Anup brings with him extensive experience across banking and financial services and has already been actively engaged with the bank’s businesses in his current role. As the bank continues to build on its strong foundations we look forward to Anup’s leadership in strengthening the franchise and in pursuing sustainable growth,” CS Rajan, chairman of the board of Kotak Mahindra Bank said in a statement.
Saha has a professional experience of more than three decades, of which 25 years have been in the banking and non-banking financial services space. Before joining Kotak Bank, he was with Bajaj Finance from October 2017 to January 2026. There he held various senior level positions, including president consumer finance; deputy CEO – consumer, MSME, marketing, operations and service; executive director; deputy MD; and finally MD and CEO for a brief period between April-July 2025.
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He had also been a part of ICICI Bank, where he spent 14 years (2003-21017) in various positions. A B. Tech in engineering from IIT Kharagpur and MBA from IIM – Lucknow, Saha has also in the past worked with GE Capital and Bharat Heavy Electricals.
“Anup is a seasoned financial services leader with deep experience across businesses, customer segments and operating functions. Since joining Kotak, he has worked closely with our teams and demonstrated a clear understanding of the opportunities ahead. I am confident that Anup will build on Kotak’s strong foundations, deepen its customer relationships and lead the bank forward with purpose and discipline,” Vaswani said.
Over the last few years, Kotak Bank faced several headwinds. The Reserve Bank had in 2024 imposed an embargo from issuing new credit cards or onboarding new customers via online and mobile banking channels. That embargo was lifted in 2025.
RBI had taken action against the lender for finding issues in its IT systems. In 2019, it had been fined Rs 2 crore on promoter stake disclosure issues. It was also fined Rs 61.95 lakh in December 2025, for non-compliance related to basic savings bank deposit account.
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“You are aware of the technology embargo, you are well aware of rebuilding of the entire management team, you are well aware of how we have cleaned up the personal loan book, how we have cleaned up the credit card book, microfinance book, how we got our liability engines cranking. So, the bank and the group, we have a good unified strategy and we are well set now to accelerate our journey. So, you know it may not be a bad time to step away,” Vaswani had told reporters in an interaction following its April-June quarter earnings.
Saha said on Thursday that he would work with his colleagues to “deepen customer relationships, tirelessly execute and build sustainable value” for the bank’s shareholders and stakeholders.
Kotak Mahindra Bank on Thursday said the Reserve Bank of India (RBI) has approved its application to appoint whole-time director Anup Kumar Saha as the new managing director and chief executive for a three-year period, effective January 1, 2027.
The position had opened up after incumbent MD and CEO Ashok Vaswani had informed the bank’s board in June 2026 that for personal reasons he didn’t wish to seek reappointment upon completion of his current term on December 31. Vaswani had taken the top job at the private sector lender only in January 2024.
Saha is currently whole-time director (executive director) of Kotak Mahindra Bank. He joined the lender in January 2026 and has overseen the retail bank, data analytics and marketing function, since March 2026.
MUST READ | Kotak Mahindra Bank shares in focus on RBI nod for Anup Kumar Saha as MD & CEO
“Anup brings with him extensive experience across banking and financial services and has already been actively engaged with the bank’s businesses in his current role. As the bank continues to build on its strong foundations we look forward to Anup’s leadership in strengthening the franchise and in pursuing sustainable growth,” CS Rajan, chairman of the board of Kotak Mahindra Bank said in a statement.
Saha has a professional experience of more than three decades, of which 25 years have been in the banking and non-banking financial services space. Before joining Kotak Bank, he was with Bajaj Finance from October 2017 to January 2026. There he held various senior level positions, including president consumer finance; deputy CEO – consumer, MSME, marketing, operations and service; executive director; deputy MD; and finally MD and CEO for a brief period between April-July 2025.
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He had also been a part of ICICI Bank, where he spent 14 years (2003-21017) in various positions. A B. Tech in engineering from IIT Kharagpur and MBA from IIM – Lucknow, Saha has also in the past worked with GE Capital and Bharat Heavy Electricals.
“Anup is a seasoned financial services leader with deep experience across businesses, customer segments and operating functions. Since joining Kotak, he has worked closely with our teams and demonstrated a clear understanding of the opportunities ahead. I am confident that Anup will build on Kotak’s strong foundations, deepen its customer relationships and lead the bank forward with purpose and discipline,” Vaswani said.
Over the last few years, Kotak Bank faced several headwinds. The Reserve Bank had in 2024 imposed an embargo from issuing new credit cards or onboarding new customers via online and mobile banking channels. That embargo was lifted in 2025.
RBI had taken action against the lender for finding issues in its IT systems. In 2019, it had been fined Rs 2 crore on promoter stake disclosure issues. It was also fined Rs 61.95 lakh in December 2025, for non-compliance related to basic savings bank deposit account.
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“You are aware of the technology embargo, you are well aware of rebuilding of the entire management team, you are well aware of how we have cleaned up the personal loan book, how we have cleaned up the credit card book, microfinance book, how we got our liability engines cranking. So, the bank and the group, we have a good unified strategy and we are well set now to accelerate our journey. So, you know it may not be a bad time to step away,” Vaswani had told reporters in an interaction following its April-June quarter earnings.
Saha said on Thursday that he would work with his colleagues to “deepen customer relationships, tirelessly execute and build sustainable value” for the bank’s shareholders and stakeholders.