RBI approves Vikram Sahu as CEO of Bank of America in India: Internal memo

The Reserve Bank of India (RBI) has approved the appointment of Vikram Sahu as the chief executive officer (CEO) of Bank of America (BofA) in India, according to an internal memo circulated by the US-headquartered bank to its employees. 

He replaces Kaku Nakhate, who served as CEO of the US-headquartered bank for the last 15 years. 

While Sahu took over as India country executive from Nakhate in June, his appointment as CEO of Bank of America in India (BANA) was subject to the central bank’s approval. Nakhate continued as the CEO in the interim. 

Sahu will report to Jin Su, president of Asia Pacific, Bank of America. 

 

Nakhate will become the Chair, India, and focus on deepening relationships with key clients of the India franchise.

According to the internal memo, since assuming overall leadership of the India franchise, Sahu has been “guiding the country’s leadership team (CLT),” focusing on governance and regulatory matters, meeting key clients, and reinforcing the bank’s responsible growth approach. 

As a CEO, Sahu will chair BANA’s local management team (LMT), while remaining a member of the bank’s Asia Pacific Executive Committee and chair of the India CLT. He will continue to have oversight of the bank’s strategic growth plan, the memo said. 

Sahu has over 25 years of experience and holds a bachelor’s degree from St. Stephen’s College, Delhi, and a master’s degree from the US. He has previously held roles in Hong Kong, the United States, and Europe. 

Nakhate, on the other hand, joined Bank of America NA in June 2010. Before that, she spent a year at JP Morgan and previously worked for over 19 years at DSP Merrill Lynch Ltd. 

In India, Bank of America operates through three legal entities: Bank of America NA India, BofA Securities India, and BA Continuum India.