On Friday, the board of directors of Kotak Mahindra Bank approved the nomination of Ashok Vaswani as a Director, Managing Director, and CEO of the bank. The Reserve Bank of India (RBI) accepted Vaswani's nomination as the bank's MD & CEO for a three-year term last month.

The board of directors of Kotak Mahindra Bank appointed Vaswani as a Director and Managing Director and CEO, as well as a Key Managerial Personnel, for a three-year term beginning January 1, 2024, according to a regulatory filing.

This is subject to approval by the bank's members, according to the statement. Vaswani, who has previously worked for Barclays, will succeed Uday Kotak, who stepped down as the bank's CEO on September 1.

Vaswani is currently the President of Pagaya Technologies Ltd, a US-Israeli AI Fintech company.He also serves on the boards of the London Stock Exchange Group and the SP Jain Institute of Global Management in the United Kingdom, as well as various humanitarian organizations such as Pratham and Lend a Hand.

Vaswani has a three-and-a-half-decade track record of building and growing global businesses at scale, nurturing winning teams, establishing transformational partnerships, leveraging forward-thinking technology, and delivering strong bottom-line growth, first at Citigroup and then at Barclays.