Kotak Mahindra Bank gets RBI nod for Dipak Gupta as interim MD, CEO
Kotak Mahindra Bank said in an exchange filing that the Reserve Bank of India has approved the appointment of Dipak Gupta as the interim Managing Director and CEO for a two-month term.
The bank confirmed the development through a stock exchange filing. (Photo: Reuters)
New Delhi ,UPDATED: Sep 8, 2023 14:23 IST
In Short
- RBI approves Dipak Gupta as interim MD & CEO of Kotak Mahindra Bank
- Bank awaits RBI approval for the next full-time Managing Director
- Dipak Gupta's two-month term started from September 2, 2023
Kotak Mahindra Bank announced on Friday that the Reserve Bank of India (RBI) has given its approval for the appointment of Dipak Gupta as the interim Managing Director and CEO for a two-month term.
The bank confirmed the development through a stock exchange filing. “The Reserve Bank of India has, vide its letter dated September 7, 2023, approved the appointment of Mr. Dipak Gupta as the interim Managing Director & CEO of Kotak Mahindra Bank Limited (“Bank”), for a period of two months, with effect from September 2, 2023.”
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This development follows the resignation of billionaire Uday Kotak, the founder and former leader of Kotak Mahindra Bank, from his position as Managing Director and CEO earlier this month, ahead of his term's scheduled conclusion in December.
While the bank attributed Uday Kotak's early departure to personal reasons, analysts suggest it will alleviate concerns that his influence might overshadow his successor.
The country’s banking regulations stipulate a maximum CEO tenure of 12 years for those who are also significant shareholders. The bank has submitted its recommendations for the next full-time Managing Director to the RBI and is presently awaiting approval.