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Uday Kotak resigns as chief executive of Kotak Mahindra Bank

Reuters · 1y ago

Uday Kotak resigns as chief executive of Kotak Mahindra Bank

Uday Kotak, the billionaire founder and CEO of Kotak Mahindra Bank, has resigned from his position four months ahead of his term's scheduled end. Dipak Gupta, the current joint managing director, will assume the role of CEO until December 31. Kotak's resignation comes as India's banking regulations limit the tenure of chief executives to 12 years if they are also large shareholders. The bank has already applied to the Reserve Bank of India for the appointment of a new managing director. Kotak will remain on the bank's board as a non-executive director and significant shareholder.

Related News

Few people created wealth for employees like Uday Kotak: Ashneer

Twitter · 1y ago

Few people created wealth for employees like Uday Kotak: Ashneer

Ashneer Grover remarked on Uday Kotak's departure as CEO and MD of Kotak Mahindra Bank, expressing admiration for Kotak's wealth creation for shareholders and employees over the past three decades. Grover also acknowledged Kotak's contributions to the banking and entrepreneurial landscape in India, extending well wishes for his future endeavors and family time. Uday Kotak will retain his position as a non-executive director of the bank.

Uday Kotak passes baton to Dipak Gupta, top things to know about him

Livemint

Livemint · 1y ago

Uday Kotak passes baton to Dipak Gupta, top things to know about him

Dipak Gupta, currently Joint MD of Kotak Mahindra Bank, will serve as MD and CEO until December 31, 2023, pending RBI and member approval. Gupta, a highly regarded banker, joined Kotak Mahindra Primus Limited as CEO in 1996 and has held various leadership roles in the organization. Founder Uday Kotak expressed his commitment to the bank as a non-executive director and significant shareholder following his resignation as CEO.

Uday Kotak pens heartfelt resignation letter to Kotak Mahindra Bank

Livemint

Livemint · 1y ago

Uday Kotak pens heartfelt resignation letter to Kotak Mahindra Bank

Uday Kotak, the Founder and Promoter of Kotak Mahindra Bank, announced his resignation as the Chief Executive Officer and Managing Director, effective September 1st, three months ahead of schedule. Kotak, who has been associated with the institution for 38 years, explained the decision was made to ensure a smooth transition. Dipak Gupta, currently the Joint MD, will serve as MD & CEO temporarily, pending regulatory approvals. Kotak expressed his commitment as a stakeholder to the bank's continued growth and future success.

Here's what Uday Kotak will be doing after retirement

Livemint

Livemint · 1y ago

Here's what Uday Kotak will be doing after retirement

Uday Kotak has stepped down as the Managing Director and CEO of Kotak Mahindra Bank with immediate effect. However, he will continue as a non-executive director until his term ends on December 31, 2023. In a handwritten letter, Kotak mentioned his personal and family commitments in the coming months and the need for a smooth transition. The bank awaits RBI approval for his proposed successor, while Dipak Gupta, the Joint Managing Director, will temporarily take over as MD & CEO, subject to approvals.

Kotak Mahindra was a startup in 1985, had raised ₹30 lakh: Kotak

Inshorts · 1y ago

Kotak Mahindra was a startup in 1985, had raised ₹30 lakh: Kotak

Kotak Mahindra Bank Founder Uday Kotak said the bank was a startup in 1985 and had raised a capital of ₹30 lakh. "The whole concept of entrepreneurship was at the core of who we are," he stated. "A lot of Kotak-ites started with strong middle-class values and that really kept us all together. We didn't start as highflying," he added.

Uday Kotak’s year-end musings: From pollution to defence, 10 action points for 2025 | Company Business News

Livemint

Livemint · 8m ago

Uday Kotak’s year-end musings: From pollution to defence, 10 action points for 2025 | Company Business News

Uday Kotak, Founder of Kotak Mahindra Bank, shared ten action points on social media to focus on for India's development by 2025. His priorities, outlined in "India at 77," include addressing economic policies and tackling environmental challenges, such as pollution and defence. As 2024 ends, Kotak's insights aim to guide India's growth towards a sustainable and prosperous future, emphasizing strategic changes to enhance national capabilities and resources effectively.

Kotak Mahindra Bank’s Milind Nagnur steps down as COO, CTO | Company Business News

Livemint

Livemint · 7m ago

Kotak Mahindra Bank’s Milind Nagnur steps down as COO, CTO | Company Business News

Milind Nagnur, Kotak Mahindra Bank’s COO and CTO, has resigned for personal reasons, planning to return to the US for family care. His resignation follows RBI restrictions placed on the bank due to technology deficiencies. The bank has implemented an interim technology structure. Nagnur's exit is the second high-level departure after K.V.S. Manian. RBI restrictions stem from IT infrastructure issues causing service disruptions. Nagnur was appointed by former CEO Uday Kotak for technological transformation.

Kotak Cherry senior executives leaving to join rival firm AngelOne

Economic Times

Economic Times · 1y ago

Kotak Cherry senior executives leaving to join rival firm AngelOne

According to sources, several top executives, including the CEO, of Kotak Cherry, the digital wealth management app by Kotak Mahindra Bank, are set to join rival broking firm AngelOne. This move comes at a crucial time for Kotak Bank, as its founder has moved to a non-executive role and a new CEO has taken charge. AngelOne has emerged as one of the largest stockbrokers in India, competing with the likes of Groww and Zerodha. Kotak Bank had launched Cherry with the aim of making it a comprehensive wealth management platform.

Former InCred, Kotak execs’ new venture Saarathi Finance gets PE backing

VCCircle

VCCircle · 5m ago

Former InCred, Kotak execs’ new venture Saarathi Finance gets PE backing

Saarathi Finance and Credit Pvt. Ltd, a non-banking finance company founded by former executives of InCred Group and Kotak Mahindra Bank, received its first round of institutional funding from a private equity firm. The Mumbai-based startup was established by former InCred CFO Vivek Bansal and an ex-Kotak Mahindra Bank executive. This funding marks a significant step in Saarathi's journey to build its financial services offerings.

Finmin appoints SBI Chairman C S Setty, Uday Kotak as governing council members of infrastructure fund

YourStory

YourStory · 7m ago

Finmin appoints SBI Chairman C S Setty, Uday Kotak as governing council members of infrastructure fund

The Finance Ministry has appointed SBI Chairman C S Setty and Kotak Mahindra Bank director Uday Kotak to the governing council of the National Investment and Infrastructure Fund Trustee Ltd, replacing Dinesh Khara and T V Mohandas Pai. Approved by Finance Minister Nirmala Sitharaman, the council guides investment strategy for the NIIF, a quasi-sovereign wealth fund established to boost infrastructure financing. Other council members include Ajay Seth, M Nagaraju, and Hemendra Kothari.

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