Uday Kotak resigned as MD & CEO of Kotak Mahindra Bank ahead of his tenure

Last Updated on September 2, 2023 by Brajesh

Uday Kotak resigned as MD & CEO of Kotak Mahindra Bank ahead of his tenure , however he will continue to act as non-executive director of KMB.

Uday Kotak has share his resignation on social media “X” (earlier twitter)

Uday Kotak resignation
Uday Kotak resignation

 

Who will be the MD & CEO of KMB?

Joint managing director Dipak Gupta will take the charge of MD & CEO for the interim period which is till 31st Dec 2023. Currently Mr. Gupta is holding the position of joint Managing Director. However appointment of Dipak Gupta as MD& CEO is subject to approval of Reserve Bank Of India (RBI) as mentioned by Uday Kotak in his letter of resignation.

Uday Kotak & Kotak Mahindra Bank

Uday Kotak is the founder & promoter of Kotak Mahindra Bank which was earlier known as Kotak Mahindra Finance Ltd.

Kotak Mahindra Finance Ltd was formed in 1st August 2002 and Uday Kotak was the Managing Director & Chief Executive Officer of the institution since then.

Uday Kotak will stepped down from immediate effect i.e. 1st September 2023 itself which is four months before his tenure (i.e. 31st December 2023).

Uday Kotak resignation letter

Uday Kotak has written a letter to Prakash Apte , Chairman & Board Of Directors mentioning “Although I still have a few months to go, I tender my resignation as Managing Director & CEO of the bank with immediate effect.

He also mentioned in the letter that “I have mulled over this decision for sometime and believe this is the right time for the institution. On December 31, 2023, the term of yourself as Chairman, myself as Managing Director and Mr. Dipak Gupta, Joint Managing Director, expire.

RBI guidelines on appointment of MD & CEO

As per RBI 2021 guidelines, Promoters cannot continues for more then 12 years as MD & CEO or Whole Time Director in banks. However tis term can be extended to 15 years as per the discretion of RBI. Maximum age capped as 75 years.

Uday Kotak resignation letter on social media

RBI guidelines on tenure of MD & CEO in Banks

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