The Reserve Bank of India (RBI) has approved the appointment of Dipak Gupta as the interim managing director (MD) and chief executive officer (CEO) of Kotak Mahindra Bank for two months. On September 2, Kotak Mahindra Bank informed the stock exchanges that Uday Kotak, the managing director and CEO, has resigned from the role ahead of his term coming to an end by the end of 2023.
Gupta served as the bank's head of IT, cyber security, customer experience, and business intelligence, and also appointed as the joint managing director earlier. His association with Uday Kotak dates back to 1999 when he joined as an executive director of Kotak Mahindra Finance Ltd (KMFL) and has played a key role in building the retail business of the bank even before Kotak got the banking licence in 2003. Dipak Gupta completed his engineering in electronics from Banaras Hindu University in 1983 and went on to pursue a post-graduate diploma in management from IIM Ahmedabad in 1985.
Uday Kotak resigned from his post as the managing director and chief executive officer of the bank, effective from September 1. The bank’s CEO announced his resignation on social media via a post on X on Saturday. In his post, he had said, "As Founder, I am deeply attached to brand Kotak and will continue to serve the institution as Non-Executive Director and significant shareholder. We have an outstanding management team to carry the legacy forward. Founders go away, but the institution flourishes into perpetuity."
Talking about the growth of the bank, Kotak added, "We are now a pre-eminent bank & financial institution, created on the basic tenets of trust and transparency. We have created value for our stakeholders and provide over 1 lakh direct jobs. An investment of Rs 10,000 with us in 1985 would be worth around Rs 300 crore today."