October 21st 2023.
The Reserve Bank of India (RBI) has appointed Ashok Vaswani as the Managing Director and Chief Executive Officer of Kotak Mahindra Bank. This announcement was made through an exchange filing. The bank's board has also appointed Himanshu Vasa as the Chief Compliance Officer.
Ashok Vaswani is set to take up the post for a three-year period, beginning not later than January 1, 2024. On the other hand, Himanshu Vasa's tenure as Chief Compliance Officer will begin on October 23, lasting for three years.
Uday Kotak, the Founder and Director of Kotak Mahindra Bank, expressed his delight at the RBI's approval of their recommendation to appoint Ashok to the role. He described Ashok as an “exceptional leader and banker with digital and customer focus”, as well as a “Global Indian”.
Ashok has been an integral part of the banking industry over the last three and a half decades, having worked with Citigroup and Barclays. His considerable experience in Corporate and Consumer businesses has been built on a foundation of execution, compliance, and technology.
Ashok holds Bachelor's degrees in Commerce, Economics and Accountancy from the Sydenham College of Commerce and Economics, as well as being a Chartered Accountant, a Company Secretary, and having completed Executive Education at the Stanford University Graduate School of Business.
Himanshu Vasa has also been a crucial part of the banking industry for over 30 years. He is a qualified Chartered Accountant, alumni of the Wharton School of Business, a Certified Fraud Examiner, a Certified Control Self Assessor, and a commerce graduate from the University of Mumbai. He has worked with KPMG for 8 years and has been with Kotak since 2005.
At Kotak, he has held various positions, including Head of Group Internal Audit, Head of Internal Vigilance, President and Business Head – Bank Finance, and President Compliance. In the latter role, he has been responsible for Know Your Customer requirements, Anti Money Laundering, HR and Governance-related matters, Risk Based Supervision data submission, RBI Audit management, and more.
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