Dipak Gupta has been appointed by the RBI as Kotak Mahindra Bank's interim MD and CEO
Dipak Gupta has been appointed as the interim MD and CEO of Kotak Mahindra Bank with the approval of the Reserve Bank of India (RBI). As of right now, Gupta has been given the post for two months.
The appointment comes after billionaire Uday Kotak, who founded and led Kotak Mahindra, resigned as the managing director and CEO earlier this month, before the end of his term in December. Kotak's early exit from the country's fourth-largest bank is due to personal reasons, as per the lender, but analysts said it will quell concerns that his presence will loom large over his successor.
India's banking regulation limits the tenure of lenders' CEOs to 12 years if they are also large shareholders. The bank has sent recommendations for its next full time MD to the RBI and is awaiting approval, it said, without disclosing details, adhering to RBI norms.
