RBI approves Dipak Gupta as interim MD and CEO of Kotak Mahindra Bank
Person in News
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The Reserve Bank of India has approved Dipak Gupta as the interim managing director (MD) and chief executive officer(CEO) of the Kotak Mahindra Bank for two months. He was appointed as the interim MD and CEO of the bank after the resignation of Uday Kotak.
Kotak Mahindra is an Indian private sector bank which started its banking operation in 2003.
Under the Banking Regulation Act 1949 ,it is mandatory for the banks to get the approval of RBI for the appointments of top post in the banks regulated by RBI.
Founder of the Kotak Mahindra Bank ,Uday Kotak resigned as the MD and CEO of the bank on September 1, 2023. Uday Kotak's term was to end on 31st December 2023 but he resigned earlier.
Why did Uday Kotak Resigned ?
According to the RBI’s April 2021 guidelines on corporate governance in banks, promoters who are managing directors and chief executives or whole-time directors cannot continue for more than 12 years. However the tenure can be extended to 15 years with the permission of the RBI .
The 15 years term of Uday Kotak as the MD and CEO of the bank was to end on 31st December 2023.
Kotak Mahindra Bank
Kotak Mahindra Finance Ltd. (KMFL) was the first Non Banking Finance Company (NBFC) in India to get a license from the RBI to convert into a bank .
The KMFL started its banking operation as Kotak Mahindra Bank in 2003.
In 2005 ING Vysya Bank merged with Kotak Mahindra Bank .
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