Ekambaram, among last women leaders in banking, to retire

MUMBAI: After over three decades at Kotak Mahindra Bank , Shanti Ekambaram , the group's long-serving executive and currently the bank's deputy MD, will retire on Oct 31, 2025. Her exit is the latest in a string of senior-level departures following founder Uday Kotak 's decision to step down from executive responsibilities in Sept 2023. She is one of the few women leaders who currently hold an executive position in banking.

Ekambaram joined the Kotak group in 1991 and played a key role in its evolution from a financial services firm into a private sector bank. She led various businesses across investment banking, capital markets, corporate banking, treasury and consumer banking . In 2024, she was elevated to deputy MD and given wider responsibilities after joint MD KVS Manian quit to join Federal Bank as CEO.

CEO Ashok Vaswani credited her with "entrepreneurial thinking" and "unwavering commitment to excellence," and noted her leadership during a phase of regulatory scrutiny and internal transition. To strengthen the leadership team, the bank has named Paritosh Kashyap as whole-time director, subject to regulatory nod. A Kotak veteran with over 30 years at the firm, Kashyap currently heads wholesale banking. His familiarity with the institution's risk-heavy verticals is expected to bring continuity.

Besides Ekambaram, another woman leader Kaku Nakhate, CEO of Bank of America , is also stepping down. A. Manimekhalai, MD, Union Bank of India will be completing her term at the end of June. However, RBI has a woman deputy governor Poonam Gupta after nearly 14 years.

Ekambaram's departure adds to the list of senior leaders who have exited since Uday Kotak's early retirement. These include Manian, considered a potential successor; joint MD Dipak Gupta; consumer banking head Virat Diwanji; COO and CTO Milind Nagnur; CFO Jaimin Bhatt; and consumer products head Ambuj Chandna.

Ekambaram earlier served as president of corporate and investment banking for 11 years before leading consumer banking. She has extensive experience in investment banking, capital markets, M&A, fixed income, corporate banking and treasury products.