Kotak Mahindra Bank shareholders approve Vaswani's appointment as MD & CEO

Reserve Bank of India cleared Vaswani's appointment as MD & CEO of the bank for a period of three years with the effect from the date of taking charge, which should not be later than 1 January 2024

Shareholders of Kotak Mahindra Bank have approved the appointment of Ashok Vaswani as Managing Director (MD) & Chief Executive Officer (CEO) of the bank and his remuneration, the private sector lender informed the exchanges on Sunday.

“As per the Scrutinizer's Report, all the resolutions contained in the Postal Ballot Notice have been approved by the Members with the requisite majority and it was declared to have been passed on December 22, 2023 (the last day of remote e-voting),” the bank said.

In October, the Reserve Bank of India cleared Vaswani’s appointment as MD & CEO of the bank for a period of three years, effective from the date of taking charge, which should not be later than January 1, 2024.

Uday Kotak decided to step down as MD & CEO of Kotak Mahindra Bank with effect from September 1, ahead of the term which was until December 31, 2023, following which Dipak Gupta assumed the role of interim CEO.

A graduate in Commerce, Economics, and Accountancy from the Sydenham College of Commerce and Economics, Mumbai, Vaswani has a proven track record of building and growing businesses at scale. He was initially with Citigroup and more recently with Barclays.

(Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd)