After the resignation of Uday Kotak, Dipak Gupta became the interim MD of Kotak Mahindra Bank, RBI approved the appointment
The Reserve Bank of India (RBI) has appointed Deepak Gupta as the Managing Director and CEO of Kotak Mahindra Bank after the resignation of Uday Kotak. His appointment has been for two months. During these two months, RBI will decide who will become the full-time Managing Director of Kotak Mahindra Bank. Let us tell you that Uday Kotak resigned from his post on 2 September.
After the resignation of the country's richest banker Uday Kotak from the post of MD and CEO of Kotak Mahindra Bank, the Reserve Bank of India (RBI) has appointed Deepak Gupta as the interim Managing Director and CEO of Kotak Mahindra Bank. Has been approved.
Kotak Mahindra Bank said in a BSE filing that RBI issued a circular on September 7 i.e. yesterday.
Has approved the appointment of Deepak Gupta for a period of two months with effect from September 2, 2023.
It is believed that RBI will decide who will be the full-time MD of Kotak Mahindra Bank during these 2 months.
Let us tell you that Uday Kotak stepped down as MD and CEO of the bank on September 1, almost four months before his tenure.
RBI has appointed Joint Managing Director Deepak Gupta to perform the duties of MD & CEO for two months, as an interim arrangement.
The bank's board had earlier this year decided to appoint Uday Kotak as a non-executive director, in line with the RBI mandate limiting the tenure of MDs to 15 years.
Let us tell you that Uday Kotak has a 26 percent stake in Kotak Mahindra Bank. Uday Kotak has now become the non-executive director of the bank after resigning from the post of MD and CEO. Uday has been the MD of the bank since its inception in 2004.
Uday Kotak, the 64-year-old founder-promoter of Kotak Mahindra Bank, is the country's richest banker based on his 26 percent stake in the bank, which was worth over Rs 3.5 lakh crore as of September 1.
During Uday Kotak's tenure, the bank achieved several milestones, including the acquisition of ING Vysya Bank in an all-share deal. The transaction was then the largest in the private sector banking sector.