The Board of Directors of Kotak Mahindra Bank approved the retirement of Independent Director Dr. Ashok Gulati upon the completion of his term on March 5, 2026. Concurrently, the Board appointed Mr. Ramesh Ganesh Iyer as an Additional and Independent Director for four years, effective February 17, 2026, subject to member approval. Mr. Iyer brings extensive experience, notably from his tenure at Mahindra & Mahindra Financial Services Ltd. (MMFSL).
Key Changes to the Board of Directors
Kotak Mahindra Bank announced significant changes to its Board composition following a meeting held on February 17, 2026. The Board formally accepted the request from Dr. Ashok Gulati to retire as an Independent Director, effective upon the conclusion of his term on March 5, 2026.
Appointment of New Independent Director
In a concurrent move, the Board approved the appointment of Mr. Ramesh Ganesh Iyer as an Additional Director and an Independent Director. This appointment is effective from February 17, 2026, and is for a tenure of four (4) years, pending final approval from the bank’s members. The Bank confirmed that Mr. Iyer is not currently debarred from holding a directorial position by any authority.
Profile of Mr. Ramesh Ganesh Iyer
Mr. Iyer possesses a distinguished career spanning over four decades with the Mahindra Group. He was instrumental in scaling Mahindra & Mahindra Financial Services Limited (MMFSL) into a leading rural finance institution. His last role at MMFSL concluded upon his superannuation in April 2024, where he served as Vice Chairman & Managing Director.
As CEO of MMFSL since 1999, he guided significant growth, focusing heavily on rural and inclusive finance, substantially expanding assets and customer reach. He was also key in establishing subsidiaries related to housing finance, insurance broking, and asset management, alongside forging international joint ventures.
Mr. Iyer’s contributions have been recognized with several accolades, including being named Entrepreneur of the Year by Ernst & Young in 2013. He also received the CNBC Leadership Award in 2016 and the Business Today Best CEO (Financial Services Mid-sized companies) Award in 2014.
Academically, Mr. Iyer is a Commerce graduate and holds a Doctor of Letters (D.Litt.) degree. He currently serves on the boards of multiple listed and unlisted companies across financial services and technology.
Meeting Conclusion
The Board Meeting commenced at 6:30 p.m. IST and concluded at 6:50 p.m. IST on the date of the announcement.
Source: BSE
