RBI clears re-appointment of Uday Kotak as MD of KMB for 3 years

Private sector Kotak Mahindra Bank (KMB) on Monday said the RBI has approved the re-appointment of Uday Kotak as managing director of the bank for a further period of three years.

The banking sector regulator also approved the appointment of part-time chairman Prakash Apte for three years.

"The Reserve Bank of India (RBI) has vide its letter dated 14th December 2020, granted approval for the re-appointments of Prakash Apte as Part-time Chairman; Uday Kotak as MD & CEO; and Dipak Gupta as Joint MD for a period of 3 years, with effect from January 1, 2021," the bank said in a regulatory filing.

It may be noted that the board of the bank and the shareholders had approved these re-appointments, subject to the approval of the RBI, at their respective meetings held on May 13, 2020, and August 18, 2020, the filing said. Kotak is founder managing director and promoter of the bank, while Apte was appointed as the part-time Chairman of the bank at the annual general meeting held on July 19, 2018, for a period from July 20, 2018, till December 31, 2020.