The bank received Reserve Bank of India’s nod for the appointment in October.
Vaswani has more than three decades of experience in the banking sector. He was Chief Executive Officer of Barclays Bank, UK, and subsequently CEO of their global consumer, private, corporate and payments businesses.
Prior to that, he was CEO, Citigroup Asia Pacific and Member of the Citigroup Global Operating & Management Committees.
The appointment of Vaswani is following the resignation of Uday Kotak as the MD and CEO of Kotak Mahindra Bank in September. Kotak, also the founder, has been at the helm for 21 years and his term ends on December 31.
Uday Kotak served as the MD and CEO of the bank since its inception in 2003.In March, the bank’s board approved appointing Kotak as the non-executive non-independent director for five years.In his annual letter to shareholders, Kotak had indicated about his intention to hang the boots.
“Going forward, I see my role as a non-executive board governance member and a strategic shareholder with a long term perspective of nurturing a world class institution,” Kotak had said.