Mumbai, July 18 -- Kotak Mahindra Bank's search for its next chief executive is likely to extend beyond its internal leadership ranks, with outgoing managing director and chief executive officer Ashok Vaswani saying that he expects the Nomination and Remuneration Committee (NRC) to look broader while choosing his successor.

Vaswani, who will step down as the bank chief in December, said during its June-quarter earnings media call that the board and the NRC were very conscious of regulatory timelines and would submit applications to the Reserve Bank of India accordingly.

".Internally we have a very strong bench, but I'm sure the NRC will look broader," Vaswani said during a media call on Saturday.

Usually, bank boards send a list of can...