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Who is next Kotak Mahindra Bank CEO from January 1, 2024?
A)
Ashok Vaswani
B)
Rajshankar Ray
C)
B Ramesh Babu
D)
A. Manimekhalai

Correct Answer :   Ashok Vaswani


International banker Ashok Vaswani, who until last year was at a senior role in British bank Barclays, will succeed Uday Kotak as MD & CEO at Kotak Mahindra Bank — the fourth largest private lender. The bank said that the RBI had approved the appointment recommended by the board.

Ashok Vaswani (63-years) is set to hold the position of the new CEO and MD of Kotak Mahindra Bank for a period of three years, likely from January 1, 2024.

The 63-year-old veteran banker is currently president of Pagaya Technologies, an Israel-based fintech that develops solutions for real-time customer credit enhancement. Vaswani started his banking career with Citi Group and worked with Barclays until 2022, when he stepped down as the head of UK’s retail banking operations and chief digital strategy officer.

He is a chartered accountant and a commerce graduate from Sydenham College of Commerce Mumbai.

Last month, Uday Kotak said that he was stepping down ahead of his term ending in December 31 to facilitate a transition. The board had appointed Dipak Gupta as CEO for four months. Kotak, however, continues on the board as a non-executive director.


Ashok Vaswani, former senior executive at Barclays, will take over as MD & CEO of Kotak Mahindra Bank, succeeding Uday Kotak. The appointment has been approved by the Reserve Bank of India. Vaswani is currently the president of Pagaya Technologies, an Israeli fintech company. He has a long history in the banking industry, having worked at Citi Group and Barclays. Kotak stepped down earlier than expected, and Dipak Gupta has been appointed as CEO for four months. The bank also reported a 24% increase in net profit for the second quarter.

The Reserve Bank of India (RBI) has imposed a penalty of Rs 12.19 crore on ICICI Bank and Rs 3.95 crore on Kotak Mahindra Bank for non-compliance with regulatory norms. ICICI Bank has been penalized for contravening norms related to loans and advances, as well as fraud classification and reporting. Kotak Mahindra Bank, on the other hand, has been penalized for contravening directions related to managing risks and code of conduct in outsourcing, recovery agents, customer service, and loans and advances. The penalties are based on deficiencies in regulatory compliance and do not question the validity of any transactions or agreements..

Source : Times of India

Published On : October 23, 2023
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