Nautiyal’s departure takes effect immediately, ending a stint that began in July 2024. Before joining Ujjivan Small Finance Bank, he handled financial inclusion and micro markets at SBI and headed SBI Life Insurance. Ujjivan’s board has chosen Executive Director Carol Furtado as acting chief while it searches for a permanent successor, subject to RBI approval.

At Kotak, Vaswani has informed the board that personal reasons prevent him from seeking another term. His current tenure finishes on December 31, 2026. Unlike Ujjivan’s immediate change, Kotak’s transition is being prepared ahead of the incumbent’s scheduled departure.

Kotak has submitted Paritosh Kashyap and Anup Saha as potential successors to the RBI. Kashyap, who oversees wholesale banking, has spent 31 years with Kotak. Saha leads retail banking and arrived in early 2026, having previously worked at Bajaj Finance and ICICI Bank. Both candidates currently hold senior positions within the bank.

The changes extend beyond these lenders and follow recent movement among chief financial officers. HDFC Bank chief Sashidhar Jagdishan has also indicated that he will not seek an extension when his tenure concludes in October 2026. Experts cited in the report expect strong internal teams to help preserve operational continuity, against a backdrop of robust lending growth and relatively low bad loans.