Uday Kotak Steps Down As Kotak Mahindra Bank MD & CEO

Uday Kotak, the founder and promoter of Kotak Mahindra Bank, has resigned from his position as Managing Director & CEO, effective 1 September 2023. After 38 years of pivotal contributions to the institution's growth, he will maintain an association with the bank as a Non-Executive Director.

The bank confirmed that Uday Kotak will remain in his role as a non-executive director. His tenure as the CEO and Managing Director will conclude on December 31, 2023.

The company also announced that as a temporary measure, Dipak Gupta, the Joint Managing Director, will assume the responsibilities of the Managing Director & CEO until December 31, 2023. This arrangement is contingent upon approval from both the Reserve Bank of India and the bank's members.