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Sep 3 – Following a meeting of its Board of Directors on Saturday, Kotak Mahindra Bank Limited announced important leadership changes. Uday Kotak, the bank’s founder and promoter, has stepped down as Managing Director and CEO, effective September 1, 2023. Kotak, who has been an integral part of the bank’s success over the last 38 years, will remain on the board as a Non-Executive Director. His term as Non-Executive Director will be for five years and will not be subject to rotation.
Kotak Mahindra Group increased its foothold in numerous financial services areas, including stock broking, investment banking, car lending, life insurance, and mutual funds, under Kotak’s leadership. He was also the Non-Executive Chairman of the IL&FS Board, where he played a critical role in addressing the NBFC’s grave crisis.
Dipak Gupta, who has been a full-time director of the bank since January 1999 and was appointed Joint Managing Director on January 1, 2012, will serve as interim Managing Director and CEO. This agreement is expected to last until December 31, 2023, pending approval from the Reserve Bank of India and the bank’s members.
Gupta has almost three decades of experience in the financial services business, and has made important contributions to the growth and development of the Kotak Mahindra Group. He has managed essential functions such as IT, cybersecurity, Digital Initiatives, Internal Audit, Human Resources, Marketing, Compliance, Administration, Infrastructure, and Operations, among others.
As interim Managing Director and CEO, Gupta will be responsible for directing the bank through this transitional period while preserving its commitment to excellence.
The bank has previously applied to the Reserve Bank of India (RBI) for authority to appoint a new Managing Director and CEO, beginning January 1, 2024. According to regulatory standards, Kotak Mahindra Bank has confirmed that neither Kotak nor Gupta are prevented from serving as Directors by any SEBI Order or other relevant authorities.