The Reserve Bank of India (RBI) has approved the extension of Dipak Gupta as the interim managing director and chief executive officer (MD and CEO) of Kotak Mahindra Bank until December 31, 2023. The bank’s new chief Ashok Vaswani will take over from Gupta in January next year.
In a press release, the RBI said that Gupta will head the bank till December 31, 2023 or till the new MD and CEO assumes charge, whichever is earlier. In September, the RBI had approved the appointment of Gupta as the interim MD and CEO of the bank for two months.
On September 2, Kotak Mahindra Bank announced 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. Before this, Gupta was the second most top executive at the bank after Uday Kotak. Gupta, who wears a lot of hats at the bank as head of IT, cyber security, customer experience, and business intelligence, served as the joint managing director before heading the bank.
On October 21, in an exchange filing Kotak Mahindra Bank said that the central bank approved the appointment of Ashok Vaswani as its new MD and CEO. As per the BSE exchange filing, the new MD and CEO will take charge with effect from a date not later than January 1, 2024.
Gupta’s 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.
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