Shanti Ekambaram Set to Retire from Kotak Mahindra Bank
MUMBAI: After more than 30 years of service, Shanti Ekambaram, the deputy managing director of Kotak Mahindra Bank, will retire on October 31, 2025. Her departure is part of a recent trend of high-profile exits following Uday Kotak’s decision to step down from his executive role in September 2023.
Ekambaram is recognized as one of the few women leaders in the banking sector with such a senior position. She joined the Kotak group in 1991 and has been instrumental in its transformation from a financial services firm into a private sector bank. Over the years, she has held various key roles in investment banking, capital markets, corporate banking, treasury, and consumer banking. In 2024, she was promoted to deputy MD after the resignation of joint MD KVS Manian, who took on a CEO role at Federal Bank.
Kotak Mahindra Bank’s CEO Ashok Vaswani praised her entrepreneurial mindset and strong dedication to quality, especially during times of regulatory scrutiny and change within the organization. To bolster the leadership team in light of Ekambaram’s upcoming departure, Paritosh Kashyap has been appointed as a whole-time director, pending regulatory approval. Kashyap, a long-time employee with over 30 years at Kotak, currently leads wholesale banking and is well-versed in the bank’s risk operations.
Alongside Ekambaram, notable exits include Kaku Nakhate, CEO of Bank of America, and A. Manimekhalai, MD of Union Bank of India, who will also be finishing her term by the end of June. However, Poonam Gupta continues to serve as the deputy governor at the Reserve Bank of India, a position she has held for nearly 14 years.
Ekambaram’s retirement highlights a wave of leadership changes at Kotak Mahindra Bank since Uday Kotak’s early retirement, which has seen numerous senior figures leave, including joint MD Dipak Gupta, consumer banking head Virat Diwanji, and others.
Throughout her career, Ekambaram has excelled in various sectors like investment banking, M&A, and fixed income, leaving a significant mark in the banking industry.
