Nautiyal ceased leading Ujjivan on September 1, ahead of a term due to run until late 2026. The bank has chosen Executive Director Carol Furtado for the acting MD and CEO role, subject to the RBI’s final clearance. A permanent successor still needs to be found.

Having joined Ujjivan in July 2024, Nautiyal brought more than three decades of experience at SBI. His earlier responsibilities included serving as Deputy Managing Director and heading SBI Life Insurance. His departure leaves Ujjivan needing a fresh leadership search much sooner than planned.

At Kotak, Ashok Vaswani’s tenure ends on December 31, 2026. He has ruled out seeking another term, citing personal reasons. The two names submitted to the regulator are wholesale banking head Paritosh Kashyap and retail banking head Anup Saha.

Kashyap has spent 31 years with the Kotak Group. Saha moved to Kotak recently, following stints at Bajaj Finance and ICICI Bank. Both candidates already hold senior responsibilities within the bank, although the final choice has not been stated.

The changes extend beyond these lenders. HDFC Bank chief Sashidhar Jagdishan has also indicated that he will not seek an extension beyond October 2026. These developments follow movements among banks’ chief financial officers in June, adding to the sector’s senior-management reshuffle.