Kotak Mahindra Bank shares rose 3.66% on Thursday, October 1, after the lender announced that the Reserve Bank of India had approved Anup Kumar Saha as the bank’s Managing Director and Chief Executive Officer for a three‑year term, effective January 1, 2027. The stock climbed to a high of ₹432.30 on the NSE, reflecting investor confidence in the new leadership appointment.

The Board of Directors will initiate further steps in due course to formalise the appointment and seek members’ approval. Saha, a Whole‑time Director (Executive Director) since January 2026, has overseen Retail Bank, Data Analytics and Marketing functions since March 2026. His current responsibilities include steering key business units and contributing to strategic initiatives across the bank.

C. S. Rajan, Chairman of the Board, welcomed the RBI’s approval, noting that Anup brings extensive experience across banking and financial services and has already been actively engaged with the bank’s businesses in his current role. He added that the bank will build on its strong foundations and looks forward to Anup’s leadership in strengthening the franchise and pursuing sustainable growth.

Ashok Vaswani, Managing Director and CEO, praised Anup as a seasoned financial services leader with deep experience across businesses, customer segments and operating functions. He said that since joining Kotak, Anup has worked closely with teams, demonstrated a clear understanding of opportunities ahead, and will deepen customer relationships while leading the bank forward with purpose and discipline.

Anup Kumar Saha expressed gratitude to the Board for the trust placed in him and declared delight at the opportunity to lead Kotak Mahindra Bank. He highlighted the bank’s strong franchise, trusted brand and talented teams, and pledged to deepen customer relationships, execute tirelessly, and build sustainable value for shareholders and all stakeholders while remaining focused on doing the right thing for customers.