Kotak Mahindra Bank’s nomination and remuneration committee has proposed two internal candidates, KVS Manian and Shanti Ekambaram, as potential successors to Uday Kotak, the bank’s founder and Asia’s richest banker. This move deviates from recent trends of including external candidates in succession plans. RBI regulations require at least two names in order of preference to be submitted for the appointment of a new MD & CEO, typically four months before the incumbent’s term expires. The RBI evaluates the suitability and qualifications of candidates, with due diligence taking around 90-120 days. Internal candidates may have expedited due diligence, as necessary documents and information are readily available. The succession planning reflects Uday Kotak’s effective leadership and long-term continuity for the bank.