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Our Story

From launching Kotak Mahindra Finance Ltd. in 1985 to becoming one of the country’s most trusted financial institutions today, it’s been quite a journey.
Here are some of the biggest milestones we've crossed along the way.

2024

2023

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1985

Kotak Announces Organisational Developments at the Leadership Level

Zurich acquires majority stake in Kotak General Insurance; to build a leading general insurer for India

Kotak Mahindra Bank Limited announces acquisition of Sonata Finance, a Leading Microfinance Institution

Kotak Pullela Gopichand Badminton Academy

Kotak Mahindra Bank Acquires DLL India’s Agri and Healthcare Equipment Financing Portfolio

Kotak Group Launched investment super-app 'Kotak Cherry'

Kotak Mahindra Bank launches Kotak FYN

Kotak Mahindra Bank makes an equity investment in KFin Technologies

Kotak Mahindra Group acquires vehicle financing portfolio of Volkswagen Finance

Sale of 200 million equity shares (~8.57% shareholding on a fully diluted basis) of Airtel Payments Bank Limited to Bharti Enterprises Limited

Kotak Mahindra Bank invests In IBBIC Private Limited

Kotak Mahindra Bank issues India’s first FPI license to an AIF incorporated in GIFT IFSC

Kotak Mahindra Bank invests in Ferbine Private Limited

Kotak Mahindra Bank receives Approval for Collection of Direct and Indirect Taxes

Kotak Mahindra Bank raises Rs 7,400 crore through a qualified institutional placement (QIP) of shares

Kotak 811 Launches India’s first zero-contact, video KYC savings account

Kotak Mahindra Bank launches its first international branch in Dubai, UAE

Buyout of 26% Old Mutual plc UK (OM) stake in Kotak Mahindra Old Mutual Life Insurance Limited

Launch of Kotak Infrastructure Debt Fund Limited

Kotak Mahindra Bank Acquires BSS Microfinance Private Limited

Kotak Mahindra Bank Unveils Bold Organic Growth Charter with 811

Kotak Mahindra Bank Receives RBI's nod to Set-up Kotak Infrastructure Debt Fund Limited

Kotak Mahindra Bank Announces to Buy Out 26% of Old Mutual's JV Stake in Kotak Mahindra Old Mutual Life Insurance

Kotak Mahindra Bank Raises Rs. 5,800 Crore Through QIP Issuance

Acquisition of 10,00,000 equity shares of Institutional Investor Advisory Services India Ltd.

Acquisition of 9,83,82,022 (19.90%) equity shares of Airtel M Commerce Services Ltd. Co.(AMSL)

Launch of international banking unit in GIFT City, Gandhinagar, Gujarat.

Acquisition of BSS Microfinance Pvt. Ltd.

RBI approves merger of ING Vysya Bank with Kotak Mahindra Bank effective April 1, 2015.

Kotak Mahindra General Insurance receives IRDA Approval to commence insurance business.

Innovative solutions such as Jifi and KayPay launched for digital and social media.

Acquisition of 15% equity stake in Multi Commodity Exchange of India Ltd. (MCX)

Launch of pension fund under India's National Pension System (NPS)

Opening of the Bank’s representative office in Dubai.

We buy out Goldman Sachs’ equity stake in KMCC and Kotak Securities Ltd.

Realignment of joint venture with Ford Credit International

Real Estate fund launched by Kotak Alternate Assets.

Kotak Mahindra Group enters alternate assets business with the launch of a private equity fund

KMFL becomes India’s first non-banking finance company to be converted into a commercial bank.

Launch of Kotak Mahindra Old Mutual Life Insurance Ltd. in partnership with Old Mutual PLC.

India’s first gilt fund launched through Kotak Mahindra Asset Management company (KMAMC).

Launch of Kotak Mahindra Primus Ltd. (now Kotak Mahindra Prime Ltd.), a joint venture with Ford Credit.

Kotak Mahindra takes a significant stake in Ford Credit Kotak Mahindra Ltd., for financing Ford vehicles.

Launch of KMCC, a joint venture with Goldman Sachs Group for investment banking.

Investment banking division established.

Launch of auto finance division for financing passenger cars.

Entry into lease and hire purchase business.

Kotak Mahindra Finance Ltd. commences bill discounting business.

Leading from the front

Our Group Management Council comprises some of the most prominent leaders in the world of finance. It is responsible for driving and overseeing Kotak Mahindra Group’s growth charter.

Ashok Vaswani

Managing Director & CEO

Mr. Ashok Vaswani has a proven track record spanning three and a half decades, initially at Citigroup and thereafter, at Barclays, of building and growing global businesses at scale, nurturing winning teams, establishing transformational partnerships, leveraging forward leaning technology, with a compelling business vision to deliver strong bottom-line growth. He brings with him significant executional experience with high degree of compliance and industrial strength across Corporate and Consumer businesses.

Mr. Vaswani was Chief Executive Officer of Barclays Bank, UK and subsequently CEO of their Global Consumer, Private, Corporate and Payments businesses and Member of the Group Executive Committee. Earlier, he was CEO Citigroup Asia Pacific and Member of the Citigroup Global Operating & Management Committees. Mr. Vaswani also built and ran various country and regional businesses across geographies. He also held position as President of Pagaya Technologies Ltd, a US-Israeli AI Fintech.

Ashok VaswaniManaging Director & CEO

Shanti Ekambaram
Deputy Managing Director – Kotak Mahindra Bank

Shanti Ekambaram is the Whole-time Director of Kotak Mahindra Bank. In her new avatar she heads several functions including Kotak 811, Vigilance, Public Affairs, Human Resources, Group Marketing & Corporate Communications, Treasury, and Financial Inclusion.

Prior to her new role Shanti was head Consumer Banking and build an integrated Consumer Banking Franchise across asset and liability products. Before taking over the reins of consumer banking, she set up several businesses and was the head of the bank’s corporate and investment banking business.

Devang Gheewalla
Group Chief Financial Officer

Devang has been an influential force at the bank for nearly 20 years, bringing innovation and strategic acumen to multiple roles since joining Kotak Mahindra Bank in the year 2004.
As a key member of Kotak Group's leadership team from 1^st April 2024, Devang is responsible for Group Finance; Tax; Strategy; Investor Relations, as well as Infrastructure acquisition and Central procurement for Kotak Mahindra Bank, driving operational excellence and strategic growth. His leadership has been instrumental in positioning the bank as a dynamic and forward-thinking institution in the financial sector.
Devang is carrying forward the rich legacy of prudent corporate governance, sound risk management, and ethical practices at Kotak Mahindra Bank.
Beyond work, Devang is a trained singer and often unwinds by singing popular yesteryear melodies. In his leisure time, he enjoys traveling to explore new destinations.

Paul Parambi
Group President & Group Chief Risk Officer

Paul Parambi is a part of Group Management Council and heads Risk Management for the Bank, and is responsible for embedding a common framework and practices for managing risk across the Bank. He is the convener of the Risk Management Committee, and is a member of the Credit Committee, Fraud Risk Management Committee and ALCO. Prior to this, Paul has handled several leadership roles within the Bank and the Group, including heading credit for the Consumer and Commercial Bank, heading Group Strategy, as also leading Kotak’s International Business.

Milind Nagnur
Group President and Chief Operating Officer & Chief Technology Officer

Milind Nagnur is the Group President and Chief Operating Officer & Chief Technology Officer of the Bank and is responsible for Operations of the Bank as also the Group Technology Architecture and Cyber Security. Milind brings with him more than 21 years of global experience in technology leadership roles predominantly in the banking and fintech space in his previous stints with Early Warning/Zelle payments, Wells Fargo Bank, JPMorganChase and Citigroup. He has an extensive background in highly regulated financial industries and managing large scale portfolios of critical transaction processing platforms, applications, data, and infrastructure services. Milind has a Bachelor of Technology Degree from Indian Institute of Technology (IIT) Bombay and an MBA in Computer Information Systems and Finance from Indian Institute of Management (IIM) Calcutta. He has co-authored a book on Java2 Network Security published by Prentice Hall.

Oisharya Das
CEO - Kotak Private Banking

Oisharya Das heads the Private Banking business at Kotak Mahindra Bank Ltd., and has been an integral part since its inception. She has played an important role in the growth of the business, both in India and overseas. She is part of the Bank’s Group Management Council that drives and oversees Kotak Mahindra Group’s growth charter. Prior to taking over as CEO, Oisharya was the National Director where she spearheaded client relations at a national level, and established the non-resident business as well.

Jaideep Hansraj
Group President – One Kotak

Mr. Jaideep Hansraj has held the position of the Managing Director of Kotak Securities Limited (“KSL”) from July 15, 2019 to March 31, 2024. Mr. Hansraj joined the Kotak Mahindra Group in July 1993. He earlier served as the Chief Executive of Kotak Mahindra International Ltd. (a subsidiary of Kotak Mahindra Finance Limited) in Dubai and as the head of Kotak Securities’ private client division. Prior to his position at KSL, he was CEO – Wealth Management and Priority Banking at the Bank. He is a part of the Kotak Group Management Council and holds position as Group President – One Kotak with effect from April 1, 2024 for engaging in the collaboration and oversight of subsidiaries of the Bank.

S Ramesh
Group President & Managing Director & CEO - Kotak Investment Banking

S Ramesh joined the Kotak Mahindra Group in 1995 and has been instrumental in spearheading investment banking division in his two and a half decade association with the Kotak Group. Ramesh is part of the Group Management Council. Under his leadership, Kotak Investment Banking has established and reinforced its standing as a pioneer and leader in the Indian equity capital markets. As the head of the equity financing business at Kotak Investment Banking, he is credited with building the franchise of the firm and guiding it to a position of strength.

S. Sriniwasan
Managing Director,
Kotak Alternate Asset Managers Limited (KAAML)

S. Sriniwasan (Srini) joined the Kotak Mahindra Group in 1993 and currently heads Kotak Alternate Asset Managers Limited (KAAML) , a wholly owned subsidiary of Kotak Mahindra Bank. Srini has played a crucial role in setting up and building the Alternate Assets business at KIAL
Srini also oversees Kotak Private Equity, Kotak Infrastructure Funds, Kotak Special Opportunities Fund and Kotak Listed Equities. As one of the earliest fund managers to raise and invest capital in India, Srini has introduced significant financing, financial structuring and negotiating skills in the alternate assets industry.

Nilesh Shah
Managing Director, Kotak Mahindra Asset Management Company

Nilesh Shah is Managing Director of Kotak AMC. Nilesh lead his team to the Best Fund House of the Year Award at all the mutual funds where he has worked viz. Kotak, ICICI Prudential and Franklin Templeton Mutual Fund. Nilesh is a part time member of the Economic Advisory Council to the Prime Minister. He is a member of the Board of Association of Mutual Funds in India and a Member of COBOSAC committee of SEBI. Nilesh is also President of India’s oldest Chamber of Commerce viz. Bombay Chamber of Commerce and Industry in the city of Mumbai.

Manish Kothari
Group President & Head – Commercial Banking, Kotak Mahindra Bank Limited

Manish Kothari is Group President & Head – Commercial Banking at Kotak Mahindra Bank Limited. He has been with the Kotak Mahindra Group for close to three decades and has been a part of the Key Leadership Team (KLT) for the past 15 years. In September 2024, the Board of Directors have appointed him as a Senior Management Personnel of the Bank.

Manish took charge of the Commercial Bank in August 2022 – and currently heads a team across India covering multiple business segments, viz., Agri Business – MSME & Corporates; Rural – Tractor & Crop Loans; Logistics and Infra – CV, CE Loans and Working Capital; Microcredit and Gold Loans.