Can Kotak Mahindra Bank bounce back under a new non-promoter CEO? | Today’s news

Regulatory rap

Half of those five years were under Vaswani, who was drafted from outside. Earlier, Vaswani worked at Citigroup and Barclays. He started on January 1, 2024 for a three-year term. In April 2024, four months into his tenure, the RBI banned Kotak Mahindra Bank from accepting new customers through online and mobile banking channels and issuing new credit cards. It lifted the ban in February 2025, but the 10-month embargo ended up causing financial and reputational damage.