New Delhi: Kotak Mahindra Bank on Wednesday said the Reserve Bank has approved the appointment of CS Rajan as chairman for two years.

His appointment comes into effect from January 1, 2024, Kotak Mahindra Bank said in a regulatory filing.

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Rajan's appointment as the next part-time chairman of the board follows the retirement of incumbent Prakash Apte, whose term expires on December 31, 2023.

Rajan was appointed as an Independent Director on the board of the bank, with effect from October 22, 2022, it said.

An IAS officer of the 1978 batch, he retired as Chief Secretary of the Government of Rajasthan in the year 2016.

He served in leadership roles for 12 years in key infrastructure sectors such as energy, highways, water resources and industry, including small scale industries (SSI)/Micro, Small & Medium Enterprises (MSME), and worked for 14 years in agriculture and rural development sector, it said.

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