Kotak Mahindra Bank shares gain 3.6%: RBI approves Anup Kumar Saha as new MD & CEO; key details

Shares of Kotak Mahindra Bank rallied on Thursday, October 1, after the lender said that the RBI has approved the appointment of Anup Kumar Saha as the Bank’s Managing Director & Chief Executive Officer (“MD & CEO”) for a period of three years, effective January 1, 2027.

The stock rose as much as 3.66% to hit a high of ₹432.30 on the NSE.

The Board of Directors of the bank will initiate further steps in due course to formalise the aforesaid appointment and also seek members’ approval for the same.

Saha is currently a Whole-time Director (Executive Director) of Kotak Mahindra Bank. He joined the Bank in January 2026 and, since March 2026, has overseen the Retail Bank, Data Analytics and Marketing functions.

What top officials said

C. S. Rajan, Chairman of the Board, Kotak Mahindra Bank, said, “We welcome the Reserve Bank of India’s approval. 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.”

The chairman added, “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. On behalf of the Board, I wish Anup every success in leading Kotak into its next phase of growth.”

Ashok Vaswani, Managing Director & CEO, Kotak Mahindra Bank, said, “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. I wish him every success,” Vaswani added.

What Saha said

Anup Kumar Saha said, “I am grateful to the Board for the trust placed in me and delighted to have the opportunity to lead Kotak Mahindra Bank. Kotak has a strong franchise, a trusted brand and talented teams across the organisation.”

“I look forward to working with my colleagues to deepen customer relationships, tirelessly execute and build sustainable value for shareholders and all our stakeholders. We will remain firmly focused on doing the right thing and getting it right by the customer,” Saha added.

More to come...