New Delhi: The Reserve Bank has given its nod for appointment of Dipak Gupta as interim Managing Director and CEO of Kotak Mahindra Bank following the resignation of Uday Kotak.

RBI through its letter dated September 7, 2023, approved Gupta's appointment for a period of two months with effect from September 2, 2023, Kotak Mahindra Bank said in a BSE filing.

It is expected that RBI would decide the full time MD of the bank during the period.

Uday Kotak stepped down as MD & CEO of the bank effective September 1, nearly four months ahead of his term. As an interim arrangement, its Joint Managing Director Gupta will carry out the duties of MD&CEO for two months as specified by RBI.

As per the regulatory mandate restricting an MD's term to 15 years, the bank's board had earlier this year decided to appoint Uday Kotak as a non-executive director.

Kotak, whose holding in the bank is 26 per cent, has become a non-executive director after his resignation as MD&CEO. Founder and promoter of the bank, Kotak had been the MD since the bank's inception in 2004.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)