RBI approves reappointment of Uday Kotak as chief of Kotak Mahindra Bank

MUMBAI: The Reserve Bank of India has approved the reappointment of Uday Kotak as the managing director and chief executive officer of Kotak Mahindra Bank, the lender said in an exchange filing on Monday. Kotak who has already served as the chief of the bank for over 17 years will continue at the position of MD & CEO for another three years.

Speculation was rife about Kotak’s reappointment after RBI released a discussion paper in June this year on governance at commercial banks. The paper had proposed capping the tenure of bank CEOs who are promoters or large shareholders at 10 years. Since then several brokerage houses had anticipated a leadership change at Kotak Mahindra Bank.

The regulator also granted approval for reappointing Prakash Apte as Part –time Chairman and Dipak Gupta as joint managing director for a period of three years with effect from January 2021.

The board of directors and shareholders of the bank had approved these re-appointments, at their respective meetings held on 13th May 2020 and 18th August 2020.