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.