RBI approves Dipak Gupta's appointment as interim CEO of Kotak Mahindra Bank after Uday Kotak's exit
The move comes after Uday Kotak, the founder and promoter of Kotak Mahindra Bank, stepped down from his role as MD and CEO, effective September 1, 2023
- Sep 8, 2023,
- Updated Sep 8, 2023 10:14 AM IST
The Reserve Bank of India (RBI) has approved the appointment of Dipak Gupta as the interim managing director (MD) and chief executive officer (CEO) of Kotak Mahindra Bank for two months, the lender announced in an exchange filing.
"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 (“Bank”), for a period of two months, with effect from September 2, 2023," the notification read.
The move comes after Uday Kotak, the founder and promoter of Kotak Mahindra Bank, stepped down from his role as MD and CEO, effective September 1, 2023.
"Uday Kotak has ceased to be the Managing Director and CEO of the Bank, with effect from September 1, 2023 on account of his resignation considered at the Bank’s Board Meeting held today and has become a Non-Executive Director of the Bank," Kotak Mahindra Bank stated on September 2.
As per the company, Uday Kotak played an important role in the institution’s growth over the past 38 years. Under his leadership, Kotak Mahindra group established a prominent presence in every area of financial services from stock broking, investment banking, car finance, life insurance and mutual funds
Meanwhile, Dipak Gupta has been a Whole-time Director of the Bank (earlier known as Kotak Mahindra Finance Limited) since January 1999 and had been designated as the Joint Managing Director of the Bank, since January 1, 2012.
Dipak Gupta had over three decades of experience in the financial services sector, nearly two and half decades of which had been with the Kotak Group.
Gupta has played a key role in building various businesses for Kotak Mahindra Group. He was instrumental in forging the partnership between Kotak Mahindra Finance Ltd and Ford Credit International, the company said.
Prior to joining the group in 1992, Gupta worked with the consultancy division of A.F. Ferguson.
The Reserve Bank of India (RBI) has approved the appointment of Dipak Gupta as the interim managing director (MD) and chief executive officer (CEO) of Kotak Mahindra Bank for two months, the lender announced in an exchange filing.
"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 (“Bank”), for a period of two months, with effect from September 2, 2023," the notification read.
The move comes after Uday Kotak, the founder and promoter of Kotak Mahindra Bank, stepped down from his role as MD and CEO, effective September 1, 2023.
"Uday Kotak has ceased to be the Managing Director and CEO of the Bank, with effect from September 1, 2023 on account of his resignation considered at the Bank’s Board Meeting held today and has become a Non-Executive Director of the Bank," Kotak Mahindra Bank stated on September 2.
As per the company, Uday Kotak played an important role in the institution’s growth over the past 38 years. Under his leadership, Kotak Mahindra group established a prominent presence in every area of financial services from stock broking, investment banking, car finance, life insurance and mutual funds
Meanwhile, Dipak Gupta has been a Whole-time Director of the Bank (earlier known as Kotak Mahindra Finance Limited) since January 1999 and had been designated as the Joint Managing Director of the Bank, since January 1, 2012.
Dipak Gupta had over three decades of experience in the financial services sector, nearly two and half decades of which had been with the Kotak Group.
Gupta has played a key role in building various businesses for Kotak Mahindra Group. He was instrumental in forging the partnership between Kotak Mahindra Finance Ltd and Ford Credit International, the company said.
Prior to joining the group in 1992, Gupta worked with the consultancy division of A.F. Ferguson.