Kotak Mahindra Bank, a leading financial services conglomerate in India, has appointed Vyomesh Kapasi as the new Head of Products – Consumer Bank, effective February 2025. Kapasi, previously MD & CEO of Kotak Mahindra Prime Ltd, brings over three decades of financial sector experience to his new role. Meanwhile, Shahrukh Todiwala has been named the new MD & CEO of Kotak Mahindra Prime Ltd.
Kotak Mahindra Bank, one of India’s leading financial services conglomerates, has announced the appointment of Vyomesh Kapasi as the new Head of Products – Consumer Bank. Kapasi previously served as the Managing Director & CEO of Kotak Mahindra Prime Ltd (KMPL), the group’s vehicle financing subsidiary. The leadership reshuffle also sees Shahrukh Todiwala taking over as MD & CEO of Kotak Mahindra Prime Ltd, replacing Kapasi.
Kotak Mahindra Bank’s Leadership Reshuffle
The appointments are part of Kotak Mahindra Bank’s strategy to strengthen its leadership team. Ashok Vaswani, MD & CEO of Kotak Mahindra Bank, highlighted the significance of these changes, stating,
These appointments underscore the deep bench strength at Kotak and our commitment to fostering leadership talent. Vyomesh’s experience and track record in driving growth and innovation will be invaluable as we continue to enhance our consumer products.”
Shahrukh Todiwala, who now leads Kotak Mahindra Prime Ltd, has been with the company since 1995. Previously overseeing the wholesale and retail vehicle finance businesses, Todiwala has played a key role in the firm’s growth.
Shahrukh’s deep understanding of the vehicle financing market will ensure that KMPL continues to thrive and deliver exceptional value to our clients and stakeholders.”
Ashok Vaswani, MD & CEO of Kotak Mahindra Bank
About Kotak Mahindra Bank and Kotak Mahindra Prime Ltd
Founded in 1985, Kotak Mahindra Bank transitioned from a non-banking financial company (NBFC) to a full-fledged bank in 2003, becoming the first such entity in India to do so. It operates across four business verticals—Consumer Banking, Corporate Banking, Commercial Banking, and Treasury—serving retail and corporate clients across urban and rural India.
Kotak Mahindra Prime Ltd (KMPL) is a wholly-owned subsidiary specializing in vehicle financing, catering to both retail and wholesale segments. It plays a key role in the group’s lending portfolio, supporting the auto sector’s financing needs.
Stock Market Reaction
Following the announcement, shares of Kotak Mahindra Bank closed 0.73% lower at ₹1,970.45 on the Bombay Stock Exchange (BSE). The leadership transition comes as the bank continues to focus on expansion and strengthening its market position in India’s competitive banking sector.
This leadership shift is expected to reinforce Kotak Mahindra Bank’s commitment to product innovation and customer service, ensuring sustained growth in India’s dynamic financial landscape.
