Kotak Mahindra Bank to appoint Ashok Vaswani as MD & CEO

Reserve Bank of India has cleared the appointment of Ashok Vaswani as managing director and chief executive officer of Kotak Mahindra Bank Ltd.The approval is for a period of three years from the date of him taking charge, the lender said in an exchange notification. The appointment will need to happen before Jan. 1, 2024, the bank said.

Vaswani was CEO of Barclays in THE U.K. FROM 2016 to 2019. Between 2019 and 2021, he also acted as global consumer and payments CEO for the British bank. Between November 2021 and July 2022, he was chief digital Officer at Barclays, before he retired from the bank. Earlier, Ashok was CEO, Citigroup Asia Pacific and member of the Citigroup Global Operating & Management Committees. He also built and ran various country and regional businesses across geographies. Before the appointment at Kotak Mahindra Bank, Vaswani was president at US-Israeli AI firm Pagaya Technologies. Uday Kotak, founder MD & CEO of Kotak Mahindra Bank, had suddenly announced his resignation from the position on Sept. 2. He was due to retire from the bank on Dec. 31. Owing to Kotak's sudden exit, the bank's board appointed veteran Dipak Gupta as interim CEO.