Kotak Mahindra Bank Limited on Friday said that the Reserve Bank of India has approved the appointment of Dipak Gupta as the interim Managing Director & CEO of the bank. “We refer to item no. (b) of our letter dated September 2, 2023 and inform you that in terms of Section 10B(9) of the Banking Regulation Act, 1949, the Reserve Bank of India has, vide its letter dated September 7, 2023, approved the appointment of Dipak Gupta as the interim Managing Director & CEO of Kotak Mahindra Bank Limited, for a period of two months, with effect from September 2, 2023,” it said in a regulatory filing.
Earlier last week, Uday Kotak had announced his resignation as the managing director ans chief executive officer of Kotak Mahindra Bank, while stating that he will continue to be the non-executive director of the bank. His term as non-executive director of the bank would be for a period of five years, not liable to retire by rotation, the bank had informed.
The bank has also announced that it had appointed Dipak Gupta, the Joint Managing Director, to carry out the duties of the managing director and CEO until December 31, 2023 and was awaiting the approval from the RBI.
Dipak Gupta is an industry veteran with extensive experience in the banking sector. He has been associated with Kotak since 1999 when he joined as an executive director of Kotak Mahindra Finance Ltd (KMFL). Prior to this, Gupta worked with the consultancy division of AF Ferguson. He is an alumni of IIM-Ahmedabad.