Uday Kotak steps down as CEO of Kotak Mahindra Bank

Joint managing director Dipak Gupta will be the chief executive until December 31 a stock exchange filing by the bank said.

Uday Kotak has resigned as the managing director and chief executive officer of Kotak Mahindra Bank, the bank said in a stock exchange filing on Saturday. Joint managing director Dipak Gupta will be the chief executive until December 31, it said.

"Uday Kotak has ceased to be the Managing Director & CEO of the Bank, with effect from September 1, 2023 on account of his resignation considered at the Bank's Board meeting held today and has become a non-executive Director of the Bank," the filing said.

No reason was cited for Kotak's resignation. As an interim arrangement, Gupta will carry out the duties of the Managing Director & CEO until December 31, 2023, subject to the approval of the RBI.

Kotak himself shared the news of the same on X(formerly Twitter).

Mahindra ended his message by stating, "I am confident that this Indian owned institution will continue to play an even more important role in India’s transformation into a social and economic powerhouse."