Kotak Mahindra Bank faces another leadership shift as Manish Kothari steps down

Kotak Mahindra Bank is set for another senior management transition after Manish Kothari, Group President and Head of Commercial Banking, announced his decision to step down later this month, ending a 31-year career with the private sector lender.

The bank said Kothari will leave at the close of business on September 30, following the submission of his resignation on September 10. His departure comes as the bank undertakes a planned reorganisation of its commercial banking operations and prepares for broader leadership changes at the top level.

Veteran executive exits after three decades

Kothari has been one of the longest-serving executives within the Kotak Group, spending more than three decades with the organisation and over 15 years as part of its core leadership team.

According to the bank, Kothari has informed management of his intention to pursue opportunities outside Kotak, including the possibility of launching an entrepreneurial venture.

In his resignation letter, he said discussions regarding his future plans had taken place with Managing Director and CEO Ashok Vaswani several months ago. He also noted that he had worked closely with the bank's whole-time directors and business leaders to facilitate a smooth transfer of responsibilities.

Commercial banking structure set for change

As part of the transition, Kotak Mahindra Bank will no longer operate the commercial banking portfolio as a standalone business under a separate head.

Instead, the lender plans to integrate the business into its existing retail and institutional segments.

The restructuring reflects a broader effort to streamline operations while ensuring continuity across key lending and financing businesses.

The bank confirmed that the transition process has already commenced.

Key areas overseen by Kothari since taking charge of commercial banking in 2022 include:

• Agri finance
• Rural finance
• Logistics finance
• Infrastructure finance
• Microcredit
• Gold loans

Leadership transition gathers pace

Kothari's departure arrives during a period of significant leadership movement within the bank.

Earlier, Ashok Vaswani indicated he would not seek reappointment after the completion of his current term on December 31, 2026. The development has intensified focus on succession planning and future leadership structures within one of India's largest private lenders.

The exit of a senior executive with deep institutional knowledge marks another notable change as the bank navigates its next phase of management transition.

Focus turns to future growth

Throughout his tenure, Kothari held several senior leadership positions across the Kotak ecosystem and played a role in expanding businesses across multiple lending categories.

With the commercial banking portfolio now set to be absorbed into broader business divisions, attention will shift to how the bank executes the integration while maintaining growth momentum across its retail and institutional operations.

The transition also comes as India's banking sector enters a period of leadership renewal, with several major lenders expected to undertake senior management and CEO succession decisions over the next two years.