What was filed
Kotak Mahindra Bank told the exchanges that the Reserve Bank of India, by a letter dated September 30, 2026, approved the appointment of Mr. Anup Kumar Saha as the bank's new Managing Director & CEO under Section 35B of the Banking Regulation Act, 1949. The approval runs for a three-year term with effect from January 1, 2027. The bank said its Board will initiate further steps in due course to formalize the appointment and seek members' approval.
Who Saha is
Saha is currently the bank's Whole-time Director (Executive Director), a role he has held since March 2026 after joining Kotak in January 2026. In that capacity he oversees the Retail Bank, Government Business, Data Analytics and Marketing functions. The bank describes him as having over 32 years of professional experience, including 25 years in financial services. Before Kotak, he held progressively senior roles at Bajaj Finance Limited, ending as its Managing Director & CEO before resigning in July 2025, and earlier spent 14 years at ICICI Bank. He holds a B.Tech from IIT Kharagpur and an MBA from IIM Lucknow.
Where the process stands
The disclosure marks a leadership-succession step: an internal executive already on the board moving into the top seat, with regulatory clearance secured ahead of the effective date. Per the filing, the Board still needs to formalize the appointment and obtain shareholder approval — so the regulatory hurdle is cleared but the corporate process is not yet complete.