Uday Kotak Quits As MD & CEO of Kotak Mahindra Bank

Uday Kotak no longer serves as the bank's managing director and CEO, according to a regulatory filing by Kotak Mahindra Bank, which took effect on September 1, 2023. In addition, the company stated that until December 31, 2023, Dipak Gupta, the Joint Managing Director, will perform the functions of the Managing Director and CEO, which is subject to approval from the Reserve Bank of India and the Bank's members.

Following his resignation, Uday Kotak said via a Twitter post that "Succession at Kotak Mahindra Bank has been foremost on my mind, since our Chairman, myself and Joint MD are all required to step down by year end. I am keen to ensure smooth transition by sequencing these departures. I initiate this process now and step down voluntarily as CEO. The bank awaits RBI approval of the proposed successor. In the interim my dear colleague Dipak Gupta - currently Joint MD, will function as MD & CEO, subject to approvals."

"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. A long time ago, I saw names like JP Morgan and Goldman Sachs dominate the financial world and dreamed of creating such an institution in India. It is with this dream that I started Kotak Mahindra 38 years ago, with 3 employees in a 300 sqft office in Fort, Mumbai. I have deeply cherished every bit of this memorable journey, living my dream," said Uday Kotak.

"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 cr today. 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, Uday Kotak took to X and stated further.