Uday Kotak resigns as CEO of Kotak Mahindra Bank
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Uday Kotak resigned as Managing Director and CEO of Kotak Mahindra Bank with effect from September 1, 2023.
An Overview of the News
Deepak Gupta, Joint Managing Director of the bank, will temporarily assume the role of Managing Director and CEO.
The change is subject to approval from the Reserve Bank of India (RBI) and the bank's members.
Leadership legacy of Uday Kotak:
Uday Kotak has been leading Kotak Mahindra Bank since its inception in 1985 and guiding it to become a leading commercial lender.
His departure marks the end of an era in Indian banking, and he will remain as non-executive director till December 31, 2023.
About Kotak Mahindra Bank:
Kotak Mahindra Bank is a major Indian financial institution headquartered in Mumbai.
It offers a wide range of financial services to corporate and retail clients, including personal finance, investment banking, life insurance, and wealth management.
In terms of market capitalization, this bank is the third largest private sector bank in India after HDFC Bank and ICICI Bank.
Has contributed significantly to the Indian economy and provided more than one lakh direct jobs.
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