RBI Grants Dipak Gupta 2-Month Term As Kotak Bank MD

Dipak Gupta has been appointed as the MD and CEO of Kotak Mahindra Bank on a temporary basis for two months by the Reserve Bank of India (RBI), starting from September 2. This appointment, authorized by the Reserve Bank of India, was announced by the bank on Friday in a letter dated September 7, 2023.

Uday’s Retirement

Gupta's retirement is scheduled for December 31, 2023, which is shorter than the allowed tenure of two years. As of the current approval, Gupta's term will extend until November 1, 2023.

On September 2, Uday Kotak unexpectedly announced his resignation as the MD and CEO of the bank, four months before his originally planned term end date of December 31. He cited personal reasons and the need for timing the management transition as the reasons for his decision.