The Board of Directors of Kotak Mahindra Bank met on February 17, 2026, approving significant changes to its directorship. Dr. Ashok Gulati, Independent Director, will retire upon completion of his term on March 5, 2026. Concurrently, the Board appointed Mr. Ramesh Ganesh Iyer as an Additional and Independent Director for a four-year period, effective February 17, 2026, pending shareholder approval.
Key Changes in Bank Directorate
Kotak Mahindra Bank announced critical changes to its Board of Directors following a meeting held today, February 17, 2026. The primary agenda focused on the transition of key director roles, effective immediately or shortly thereafter.
Retirement of Dr. Ashok Gulati
The Board accepted the request for retirement from Dr. Ashok Gulati, who serves as an Independent Director. Dr. Gulati will formally cease to be a Director and Independent Director of the Bank with effect from March 6, 2026, marking the completion of his tenure which ends on March 5, 2026. His DIN is 07062601.
Appointment of Mr. Ramesh Ganesh Iyer
The Board approved the appointment of Mr. Ramesh Ganesh Iyer (DIN: 00220759) as an Additional Director and an Independent Director of the Bank. This appointment is effective from February 17, 2026, for a term of four (4) years, subject to subsequent approval by the Bank’s members. Mr. Iyer is confirmed not to be debarred from holding the director’s office.
Profile of Mr. Ramesh Ganesh Iyer
Mr. Iyer brings over four decades of association with the Mahindra Group across various strategic roles. He was instrumental in scaling Mahindra & Mahindra Financial Services Limited (MMFSL) into a leading rural finance institution. In his final role before superannuation in April 2024, he served as MMFSL’s Vice Chairman & Managing Director and was a Member of the Group Executive Board at Mahindra and Mahindra Limited.
As CEO of MMFSL since 1999, Mr. Iyer focused heavily on rural and inclusive finance, dramatically expanding assets and customer reach. He also helped establish subsidiaries in housing finance, insurance broking, and asset management, alongside developing international joint ventures.
His achievements include being honored as Entrepreneur of the Year by Ernst & Young in 2013, receiving 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 several listed and unlisted entities, advising institutions in financial services and technology.
Disclosure Details
Regarding relationships between directors, it is disclosed that Mr. Iyer is Not related to any Director of the Bank.
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. Further details are available on the Bank’s investor relations website.
Source: BSE
