Mumbai, 19 May 2024.

Kotak Mahindra Bank Limited ("Bank") today announced the appointment of Ms. Ketaki Bhagwati as an Independent Director on the Bank’s Board for a period of four years, effective May 18, 2024, subject to the approval of the members of the Bank.

Announcing the appointment, Mr. C S Rajan, Independent Director and Part-time Chairman, Kotak Mahindra Bank, commented, “We are elated to welcome Ms. Ketaki Bhagwati to the Bank’s Board of Directors. Her extensive experience of over three decades in the banking and financial services industry will help the Bank achieve its growth objectives in the coming months and years. The Board looks forward to working together with Ms. Bhagwati and benefiting from her guidance in key business segments.”

Ms. Bhagwati currently serves as an Independent Director and Senior Advisor, providing leadership in strategy, business development, operations, governance, financial, credit, and risk management. She is an Independent Director on the Board of Bayer CropScience (India) Ltd and has previously served on the Boards of Axis Bank Limited, Omniactive Health Technologies Pvt. Ltd, and as a Nominee Director of IFC on the Board of TikonaInfinet Pvt. Ltd.

Before her board roles, Ms. Bhagwati was the Chief Investment Officer in the Financial Institutions Group at the International Finance Corporation (IFC), where she worked for nearly twenty-five years, specialising in private equity, mergers & acquisitions, debt & structured finance, and distressed asset workouts across Asia, the Middle East, and Africa. She began her career at Credit Rating Information Services of India (CRISIL) in Mumbai.

Ms. Bhagwati is a member of the Investment Committee at Encourage Capital, a US-based impact fund focused on investments in India. She is also a Senior Advisor to the South Asia Center at the Atlantic Council (USA), focusing on major economic policy issues in India, and supports women leaders in business as a member of the Wellesley College Business Leadership Council.

Ms. Bhagwati holds a Master of Public Administration in Economic Development & Finance from Harvard University’s John F. Kennedy School of Government and a Bachelor of Arts in Political Science from Wellesley College.

Ms. Bhagwati added, "I am honoured to join the Board of Kotak Mahindra Bank, a leader in India's banking sector. I look forward to contributing to the Bank's strategic vision and working with the distinguished members of the Board to drive sustainable growth and innovation."