RBI approves Gupta’s appointment as interim Kotak Mahindra Bank MD & CEO

The Reserve Bank of India has approved the appointment of Dipak Gupta as interim managing director and chief executive officer of Kotak Mahindra Bank for two months, starting from September 2.

“..the Reserve Bank of India has, vide its letter dated September 7, 2023, approved the appointment of Mr. Dipak Gupta as the interim Managing Director & CEO of Kotak Mahindra Bank Limited for a period of two months, with effect from September 2, 2023,” the private sector lender said in communication to the exchanges.

 

On Sep 2, the lender said Gupta has been appointed as interim MD & CEO after Uday Kotak stepped down, four months before his current term.Dipak Gupta, the joint managing director of the bank, will carry out the duties of the Managing Director & CEO until December 31, 2023, as an interim arrangement, the bank had said while adding the appointment of Gupta is subject to the approval of the Reserve Bank of India and the members of the Bank.

 

Kotak is the founder and promoter of the bank and has been the Managing Director & CEO of Kotak Mahindra Bank Limited (earlier known as Kotak Mahindra Finance Limited) since August 1, 2002.

 

(Disclosure: Entities controlled by the Kotak family have a significant)