Uday Kotak, Managing Director and CEO of Kotak Mahindra Bank, has resigned from his post. Now he has become a non-executive director of the bank. He has tweeted on Twitter regarding his decision.
An important meeting of the board of Kotak Mahindra Bank was held on September 2, in which this decision has been taken. The board has handed over the charge of MD & CEO to Deepak Gupta, who is currently the Joint Managing Director.
Deepak Gupta will handle this charge till 31 December 2023. This proposal has just been sent to the Reserve Bank and other members of the bank for approval. The work of the new CEO will start from January 1, 2024.
After his resignation, Uday Kotak twitted on Twitter, “The selection of my successor ie succession has been very important for me, because the chairman of the bank, I and the joint managing director are required to resign from their posts by the end of this year.”
Regarding the early days of the bank, he said, “Many years ago, I saw names like JP Morgan and Goldman Sachs dominate the global financial market. I dreamed of creating a similar institution in India. With this dream, 38 years First Kotak Mahindra Bank was established. The functioning of this bank started with 3 employees and 300 square feet office.
Kotak Mahindra Bank
Kotak Mahindra Bank is the third largest private sector bank in India in terms of market capitalisation. It provides banking products and financial services like personal finance, investment banking, insurance and wealth management. This bank was started by Uday Kotak in 1985 and today the bank has 1,780 branches and 2,963 ATMs nationwide.