The Reserve Bank of India (RBI) on Thursday approved the appointment Dipak Gupta as the interim Managing Director & CEO of Kotak Mahindra Bank Limited, the private sector lender said in a regulatory filing on Friday.
The lender said that the central bank has approved the appointment of Gupta for a period of two months, with effect from September 2, 2023.
This comes nearly a week after Kotak Mahindra Bank’s founder Uday Kotak stepped down as the MD and CEO with effect from September 1, 2023. His resignation came four months ahead of the end of his current tenure, which was December 31, 2023.
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The private lender said Kotak’s resignation was considered at the board meeting held on Saturday, and he has become a non-executive director of the Kotak Mahindra Bank, it said in a filing to exchanges.
Kotak is the founder and promoter of the bank and has been the MD & CEO of the bank since August 1, 2002.
After Kotak’s resignation, the bank appointed Gupta as the interim MD & CEO until December 31, 2023, which was subject to approval from the Reserve Bank of India (RBI) and the members of the bank.