Kotak Mahindra Bank
After the resignation of Uday Kotak, the Reserve Bank of India (RBI) has appointed Deepak Gupta as the Managing Director and CEO of Kotak Mahindra Bank. He has been appointed for two months. During these two months, RBI will decide who will become the whole-time Managing Director of Kotak Mahindra Bank. Let us tell you that Uday Kotak resigned from his post on 2 September.
The Reserve Bank of India (RBI) has now approved the appointment of Deepak Gupta as the interim Managing Director and CEO of Kotak Mahindra Bank, following the resignation of country’s richest banker Uday Kotak as MD and CEO of Kotak Mahindra Bank. Has been approved.
Appointment has been made for 2 months
Kotak Mahindra Bank said in BSE filing that RBI has issued a circular on September 7 i.e. yesterday.
The appointment of Deepak Gupta has been approved for a period of two months 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.
Uday Kotak resigned on 2 September
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.
Uday Kotak becomes non-executive director
Let us tell you that Uday Kotak holds 26 percent stake in Kotak Mahindra Bank. After resigning from the post of MD and CEO, Uday Kotak has now become a non-executive director of the bank. Uday was the MD of the bank since its inception in 2004.
Uday Kotak is the richest banker
Uday Kotak, the 64-year-old founder-promoter of Kotak Mahindra Bank, is the country’s richest banker based on his 26 per cent 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.