Kotak Bank names Paritosh Kashyap as ED; Dy MD Ekambaram to retire
Mumbai: Kotak Mahindra Bank Saturday announced that Paritosh Kashyap, group president and business head of the wholesale banking group, will be appointed as whole-time director, designated as executive director, from November 1.
ADVERTISEMENT Kashyap will succeed Shanti Ekambaram, the current deputy managing director, who is set to retire on October 31, 2025, upon completion of her term. Kashyap's appointment is subject to approval by the Reserve Bank of India (RBI).
A Kotak veteran with more than three decades at the institution, Kashyap has been leading the wholesale banking business since 2022. His extensive experience spans structured finance, real estate, and debt capital markets.
He also served as managing director and CEO of Kotak Mahindra Investments (KMIL) from 2016 to 2019 and is a member of the Group Management Council.
Shanti Ekambaram, who joined the Kotak Group in 1991, has been instrumental in shaping the bank's growth across multiple strategic verticals, including investment banking, capital markets, corporate banking, treasury, 811, and consumer banking. KVS Manian, joint managing director at Kotak, resigned last April to join Federal bank as CEO after spending 30 years, while Ekambaram has completed nearly 34 years with the Uday Kotak-promoted bank.
ADVERTISEMENT
Ashok Vaswani, MD & CEO of Kotak Mahindra Bank, praised Ekambaram's legacy, calling her "a cornerstone of Kotak's journey," and expressed confidence in Kashyap's leadership, citing his "deep institutional knowledge, strategic foresight, and a strong customer-first mindset.""I am honoured and humbled to take on this new role and look forward to working with the team to build on our strong foundation and drive our strategy to transform for scale," Kashyap said.
(You can now subscribe to our Economic Times WhatsApp channel)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
23 minutes ago
- Indian Express
Bank Holidays in June 2025: A complete state-wise list; check here
List of bank holidays in June 2025: Bank holidays in India are determined by regulations set forth by the Reserve Bank of India (RBI), which adhere to the Negotiable Instruments Act, RTGS holidays, and several regional and national celebrations. According to the RBI's calendar for the fiscal year 2025, a total of 12 bank holidays have been designated for June 2025. These holidays will include the mandatory weekly days off on the second and fourth Saturdays and Sundays, and notable festivals such as Bakrid, Rath Yatra, and Saint Kabir Jayanti. Customers need to note that despite these holidays, online banking services will continue to operate smoothly. This means that users can still engage in net banking, mobile banking, and UPI transactions without interruption. Source: RBI Holiday Calendar 2025
India Today
44 minutes ago
- India Today
RBI MPC: 25 bps rate cut on the cards? Here's all you need to know
The Reserve Bank of India (RBI) will begin its three-day monetary policy committee (MPC) meeting on June 4, with the policy decision expected to be announced on June 6. All eyes are on whether the central bank will cut the repo rate by 25 basis points (bps) for the third time in a is growing belief among economists and market experts that the RBI will reduce the repo rate again, bringing it down further from the current 6%. The expectation comes as consumer price inflation has stayed below the RBI's target of 4% and economic growth has slowed, partly due to global uncertainties like recent trade actions in the RATE CUTS ALREADY THIS YEARSo far in 2025, the RBI has already cut the repo rate twice, once in February and then in April, by 25 bps each time. These cuts brought the key lending rate down to 6%. Alongside the rate cuts, the RBI also changed its stance from 'neutral' to 'accommodative' in April, meaning it is now more open to supporting economic growth by easing rates further if the earlier rate cuts, several banks have lowered their lending rates, making loans cheaper for individuals and businesses. Many believe another cut this week will help support sectors like real estate and small businesses, which have been looking for EXPERTS ARE SAYINGMadan Sabnavis, Chief Economist at Bank of Baroda, said that inflation has been low and the RBI has managed liquidity well, which makes room for another 25 bps cut. "The commentary on both growth and inflation will be important as there are expectations of revisions in their forecasts for both the parameters," he also mentioned that the RBI is likely to offer more insights into how global developments—like the end of US tariff relief in July—could affect the Indian Nayar, Chief Economist at ICRA, also expects more rate cuts to follow. She said, "A 25 bps rate cut is expected next week, followed by two more cuts over the subsequent two policy reviews, taking the repo rate to 5.25% by the end of the cycle."Manish Singhal, Secretary General of Assocham, agreed that the RBI should support the economy. "Though the INR is likely to come under depreciation pressure in the short term, especially if global interest rates remain high, its impact will depend on crude oil prices and other global factors," he ON HOME LOANS AND HOUSINGIf the RBI cuts the rate again, it is expected to give a boost to the real estate sector. Pradeep Aggarwal, founder and chairman of Signature Global, said that homebuyers could benefit from another rate cut. 'It would act as a catalyst for increased housing demand across segments. As a result, both first-time homebuyers and investors are likely to be encouraged to enter the real estate market,' he Kapur, Chairman of Krishna Group and Krisumi Corporation, echoed this view. 'The real estate sector in particular stands to benefit from a reduction in policy rates, as it makes home loans affordable for buyers. A boost to real estate demand will also help sectors like cement, steel, and construction equipment, driving economic momentum,' he UNDER CONTROLOne of the main reasons experts expect another cut is because inflation is under control. Retail inflation in April 2025 fell to 3.16%—the lowest year-on-year level since July 2019. The RBI has been tasked with keeping inflation at 4%, with a range of 2% on either side. So, the current level is well within RBI's annual report, released last week, confirmed that the central bank will continue managing liquidity to support productive sectors of the economy. It also said the RBI will adjust its approach depending on how inflation and growth trends YIELDS AND MARKET REACTIONA recent article in the RBI's May Bulletin said that domestic bond yields have come down to multi-year lows. This is partly due to the back-to-back rate cuts and liquidity-boosting measures taken by the RBI. The report added that both credit and monetary conditions are in line with the central bank's plan to support the economy while keeping inflation under GDP growth is estimated to have dropped to 6.5% in FY25, the lowest in four years. A lower interest rate can help push demand in the economy and encourage investments. advertisement
Time of India
an hour ago
- Time of India
Rs 2000 notes worth Rs 6,181 crore remain in circulation, says RBI; Here's how you can still exchange them
Despite being withdrawn in May 2023, Rs 2000 notes worth Rs 6,181 crore remain in public hands, according to recent data. While most of the notes have been returned to the banking system, the RBI continues to accept them at its issue offices and through India Post, ensuring they remain legal tender. Tired of too many ads? Remove Ads What the Numbers Say How Can You Still Exchange Them? Key Points to Remember: Rs 2000 notes are still legal tender. Most of them have been returned, but Rs 6,181 crore worth of notes are still out there. You can visit an RBI issue office or send notes by post to get them deposited. Even two years after the Reserve Bank of India (RBI) decided to withdraw Rs 2000 currency notes, notes worth Rs 6,181 crore are still out in the public, according to data released on Rs 2000 notes were officially withdrawn from circulation on May 19, 2023. However, the RBI has confirmed that these notes are still legal tender, meaning they can still be used for the RBI made the announcement in 2023, Rs 2000 notes worth Rs 3.56 lakh crore were in circulation. As of May 31, 2025, that figure has dropped sharply to just Rs 6,181 crore. This means 98.26% of the notes have already been returned to the banking the facility to deposit or exchange Rs 2000 notes at regular bank branches ended on October 7, 2023, the RBI is still accepting them at its 19 issue offices across October 9, 2023, individuals and businesses have also been allowed to send Rs 2000 notes via India Post to any of these RBI offices. The money will then be deposited into their bank accounts.
