RBI Approves Dipak Gupta’s Appointment As Kotak Mahindra Bank’s Interim MD And CEO

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Curated By: Business Desk

Last Updated: September 08, 2023, 16:44 IST

 Dipak Gupta has been with Kotak since 1999.

Dipak Gupta has been with Kotak since 1999.

Dipak Gupta completed engineering in electronics from Banaras Hindu University in 1983 and went on to pursue his master’s diploma in management from IIM Ahmedabad in 1985.

The Reserve Bank of India (RBI) has approved the appointment of Dipak Gupta as the interim managing director (MD) and chief executive officer (CEO) of Kotak Mahindra Bank for two months until a new MD and CEO is appointed. This comes after billionaire Uday Kotak, who is also the founder of Kotak Mahindra, resigned as the managing director and CEO earlier this month before the end of his term which was in December. According to the statement, Kotak’s early exit from the fourth largest bank is due to personal reasons.

Dipak Gupta has been donning a lot of hats at the bank as the head of IT, cyber security, customer experience and business intelligence and has also served as the joint managing director earlier. He has been with Kotak since 1999 when he joined as an executive director of Kotak Mahindra Bank Finance Ltd.

He played a key role in building the retail business of the bank even before the finance lender got its banking licence in 2003.

Dipak Gupta completed engineering in electronics from Banaras Hindu University in 1983 and went on to pursue his master’s diploma in management from IIM Ahmedabad in 1985.

On September 2, Uday Kotak wrote a long letter Twitter where he officially announced his resignation. “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,” an excerpt from the long tweet reads.

In the letter, he also mentioned that as founder he will continue to serve the institution as Non-Executive Director and significant shareholder.

India’s banking regulation limits the tenure of lenders’ CEOs to 12 years if they are also large shareholders. Kotak Mahindra Bank has sent recommendations for its next full-time MD to the RBI and is waiting for approval and has not disclosed details adhering to RBI norms.



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