The Reserve Bank of India (RBI) has given its nod for the appointment of industry veteran Ashok Vaswani as the next chief executive officer (CEO) of Kotak Mahindra Bank, the private's lender founder and director Uday Kotak said on October 21, Vaswani as a "global Indian" who will build the bank for the future. Vaswani's appointment was necessitated as Uday Kotak, who was also the bank's incumbent CEO, stepped down on September 3. The bank had elevated Dipak Gupta as interim CEO till his replacement was to be appointed. Vaswani has an industry experience spanning over three-and-a-half decades, the bank said in a release.

Currently, he is the president of Pagaya Technologies Ltd. - a US-Israeli AI Fintech, and also on the board of the London Stock Exchange Group. His previous stints include serving as the CEO of Barclays Bank, UK and CEO of Citigroup Asia Pacific.