Private sector Kotak Mahindra Bank (KMB) on Monday mentioned the RBI has authorized the re-appointment of Uday Kotak as managing director of the bank for a additional period of 3 years.
The banking sector regulator also authorized the appointment of element-time chairman Prakash Apte for 3 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 mentioned in a regulatory filing.
It may perhaps be noted that the board of the bank and the shareholders had authorized these re-appointments, topic to the approval of the RBI, at their respective meetings held on May 13, 2020, and August 18, 2020, the filing mentioned. Kotak is founder managing director and promoter of the bank, whilst Apte was appointed as the element-time Chairman of the bank at the annual common meeting held on July 19, 2018, for a period from July 20, 2018, till December 31, 2020.