His current term as the Managing Director & CEO, as approved by the Members of the Bank and the Reserve Bank of India ("RBI") is till December 31, 2023.
Kotak Mahindra Bank, in a regulatory filing, has informed that the high-profile founder of Kotak Mahindra Bank, Uday Kotak will transition to the role of a Non-Executive Non-Independent Director of the Bank upon his ceasing to be the Managing Director & CEO later this year.
Kotak has been the promoter and Director of the Company since its inception, in 1985. The Company converted into a Bank in 2003, and he has been serving as the Managing Director & CEO of the Bank since its inception. His current term as the Managing Director & CEO, as approved by the Members of the Bank and the Reserve Bank of India ("RBI") is till December 31, 2023.
"In the present volatile global economic scenario, where the vibrant Indian Economy has set itself a target of USD 5 Tn, taking this institution forward assumes utmost importance so that it can participate in, and lead the growth story for the Indian banking sector, and the larger economy. It is therefore of significant importance and critical for the Board of the Bank to have the continued benefit of Kotak's expertise, contribution and guidance, in a non-executive capacity", after he ceases to be the Managing Director & CEO, read the resolution approved by the board of directors.