The Reserve Bank of India (RBI) greenlit Dipak Gupta’s role as the temporary Managing Director & CEO of Kotak Mahindra Bank, according to a regulatory filing made by the bank on Friday.
What Happened? Kotak Mahindra Bank revealed that the RBI approved Gupta’s appointment for two months, starting September 2. This decision follows closely on the heels of the bank’s founder, Uday Kotak, resigning as the MD and CEO effective September 1. Interestingly, Kotak chose to step down four months before his tenure’s scheduled to end on December 31, 2023.
The bank’s board discussed Kotak’s resignation in a recent meeting and subsequently designated him as a non-executive director. Uday Kotak, who founded the bank, has held the MD & CEO position since August 1, 2002.
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Following Uday Kotak’s departure, the bank named Gupta as the acting MD & CEO, a position he will hold until December 31. However, this appointment awaited approval from both the RBI and the bank’s members.
Price Action: Kotak Mahindra Bank shares were trading 0.18% lower at ₹1,785.75, an hour after the regulatory filing was shared with the BSE.
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