Vaswani, a seasoned banker with experience at Barclays and Citigroup, is known for his role as a ‘digital evangelist’ at Barclays, where he pioneered digital banking, contributing to the bank’s recovery after the 2008 financial crisis.
As a chartered accountant and company secretary, Vaswani played a key role in reshaping Barclays’ retail strategy after the global financial crisis. He is also associated with introducing Europe to digital banking through the innovative ‘Pingit’ mobile payments service.
However, his return to lead Kotak Mahindra Bank comes with the challenge of ensuring management stability, scaling commercial banking, maintaining margins, and preserving a conservative culture, as reported earlier.
As Vaswani assumes the role of MD and CEO, industry observers are closely watching him as to how he navigates the bank’s challenges, maintain profitability, and show growth in a competitive market. Kotak Mahindra Bank had reported a 24% increase in net profit to ₹3,191 crore in the second quarter, driven by a 23% rise in net interest income.