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By picking an outsider like Ashok Vaswani, the central bank wants Kotak Mahindra Bank to usher in a larger leadership change and emerge from its founder’s shadow.

Divergent narratives from the Haryana government and the lender raise deeper questions on oversight, authorizations and systemic lapses—answers that may emerge only after a forensic audit.
The Bengaluru-based lender is once again gearing up to seek the RBI’s nod after the central bank returned its application last year.
The Kerala-based bank has been chasing costly and risky bulk term deposits amid tanking profitability.