Ashok Vaswani: The New CEO of Kotak Mahindra Bank
Kotak Mahindra Bank, one of India's largest lenders, has appointed Ashok Vaswani, a former Barclays Bank and ex-Citigroup executive, as its new managing director and CEO, replacing its billionaire founder Uday Kotak. The Reserve Bank of India approved the appointment, choosing Vaswani from the two candidates submitted by the bank. Kotak stepped down earlier than expected to ensure a smooth transition. Vaswani, currently the president of Pagaya Technologies, aims to play a significant role in India's journey to become one of the top three economies in the world. The appointment of an outsider as CEO surprised analysts, as there was a strong internal candidate.