New Delhi, Oct. 1 -- Anup Kumar Saha is set to become the next CEO of Kotak Mahindra Bank, the bank said on Thursday. He would be succeeding Ashok Vaswani, whose term ends next year.

Saha has been appointed for a three-year term.

India's fourth-largest private bank had recommended the names of executive directors Anup Saha and Paritosh Kashyap for the post to the Reserve Bank of India last month for approval. Following the central government nod, Saha has been selected for the post.

Under banking rules, banks must propose at least two candidates for the CEO post, from whom the regulator selects and approves one.

Kotak Mahindra Bank, under the leadership of Vaswani, had set its sights on becoming India's third-largest private lender by...