Kotak Mahindra Bank's senior executive Manish Kothari resigned from his position as Group President and Head of Commercial Banking, according to an exchange filing shared by the private lender on Thursday. Kothari, who has been associated with the Kotak Mahindra Group for close to three decades, has submitted his resignation to Ashok Vaswani, MD & CEO of Kotak Mahindra Bank. As per Kothari's resignation letter, his last working day will be September 30, 2026. The bank has confirmed that a copy of the resignation letter, dated September 10, 2026, from Mr. Manish Kothari to Mr. Ashok Vaswani, MD & CEO of Kotak Mahindra Bank, has been enclosed with the regulatory filing.
Following Kothari's departure, the Commercial Bank portfolio he managed will be integrated into the Retail and Institutional business segments, as announced in the company's regulatory filing to the National Stock Exchange of India. This restructuring is part of a planned transition the bank had initiated in preparation for Kothari's exit, with the bank ensuring a seamless handover of his responsibilities within the broader business segments. The bank has confirmed that a planned transition process has been initiated to ensure continuity and smooth operational flow. Mr. Avan Doomasia, President and Company Secretary of Kotak Mahindra Bank, signed off the filing with appreciation towards Kothari's service and leadership.
In his resignation letter, Kothari stated his decision follows conversations with the bank's management regarding his interest in pursuing a journey outside Kotak, adding that he had discussed the matter over the past few months. The veteran banker expressed gratitude for his tenure, stating that 'Kotak has been much more than a workplace to me; it has been a source of continuous learning and a place to fulfil collective aspirations and build enduring relationships'. He highlighted the trust placed by Kotak in him over the years to build and lead diverse businesses, describing it as 'truly humbling and made me what I am today'. In his letter dated September 10, 2026, Kothari expresses his desire to pursue a new journey outside of Kotak, possibly an entrepreneurial one, after his long tenure of thirty-one years with the organization. He confirmed he was stepping down for personal reasons and has been working with the bank's whole-time directors and business heads to ensure a smooth handover of his businesses and responsibilities.
Kothari's departure marks the end of a nearly three-decade journey with the Kotak Mahindra Group, during which he witnessed the transformation of the organization from a small NBFC into a leading financial services conglomerate. As reported by ET Now, the senior executive expressed 'profoundly fulfilling and joyful to personally witness and contribute to Kotak's remarkable evolution' throughout his career. With a tenure spanning thirty-one years at Kotak Mahindra Bank, Kothari reflected on his long-standing association, noting the significant evolution of Kotak and expressing pride in the collective achievements. The resignation announcement is in compliance with listing regulations, ensuring proper disclosure to stakeholders. Kothari previously led Corporate Banking, where he was responsible for scaling advances, revenues and reach, and currently oversees Agri Business – MSSE & Corporates; Rural Finance – Tractor & Crop Loans; Logistics and Infrastructure – CV, CE Loans and Working Capital; Microcredit; and Gold Loans. He has been a senior member of Kotak's leadership team for more than 15 years and became head of commercial banking in 2022. Kothari holds a BTech in metallurgical engineering and an MBA in marketing and finance from the Xavier School of Management.
Kothari's resignation comes as the bank's managing director and chief executive, Ashok Vaswani, approaches the end of his three-year term on December 31, 2026. Vaswani has decided not to seek reappointment for personal reasons and took charge as CEO on January 1, 2024. The bank has confirmed that the process to appoint his successor will be completed within applicable regulatory timelines. During the bank's June-quarter earnings call, Vaswani said the search for the next chief executive was likely to extend beyond the bank's internal leadership ranks and that he expected the Nomination and Remuneration Committee to look more broadly while choosing his successor. The board and the NRC are conscious of regulatory timelines and will submit applications to the Reserve Bank of India accordingly, typically sending a list of candidates about six months before the incumbent's tenure ends.
