Kotak Mahindra Bank names Ramesh Iyer director; Gulati steps down

Kotak Mahindra Bank has appointed Ramesh Ganesh Iyer as an Additional Director and Independent Director, while accepting the retirement of Dr. Ashok Gulati upon completion of his term next month.

In a filing to the stock exchanges on Monday, the bank said its Board of Directors approved the changes at a meeting held on February 17, 2026.

Dr. Gulati will retire as an Independent Director on March 5, 2026, marking the end of his tenure on the bank’s board, reported CNBC.

In the same meeting, the board appointed Iyer as Additional Director and Independent Director for a period of four years, effective February 17, 2026, subject to shareholder approval.

The bank confirmed in its filing that Iyer is not debarred from holding the office of Director under any order issued by the Securities and Exchange Board of India (SEBI) or any other authority.

Iyer brings more than four decades of experience within the Mahindra Group. According to the exchange filing, he played a pivotal role in building Mahindra & Mahindra Financial Services Limited (MMFSL) into one of India’s leading rural finance institutions.

He last served as Vice Chairman and Managing Director of MMFSL and as President – Financial Services Sector and Member of the Group Executive Board at Mahindra and Mahindra Limited until his superannuation in April 2024.

Over the years, Iyer has received industry recognition, including the Entrepreneur of the Year award from Ernst & Young in 2013, the CNBC Leadership Award in 2016 and the Business Today Best CEO (Financial Services – Mid-sized Companies) Award in 2014.

He currently serves on the boards of several listed and unlisted companies and advises institutions across the financial services and technology sectors. Iyer is a commerce graduate and holds a Doctor of Letters (D.Litt.) degree.

The appointment comes at a time when Indian banks are under heightened regulatory scrutiny on governance standards and board composition. Strengthening independent oversight remains a key priority for listed lenders.

With Gulati stepping down and Iyer joining the board, Kotak Mahindra Bank signals continuity in governance while adding deep sectoral expertise to its oversight structure.

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