The Reserve Bank of India has approved the appointment of Uday Kotak as the managing director and chief executive officer of Kotak Mahindra Bank for a period of three years with effect from 1st January 2021, according to a stock exchange release.
Kotak’s re-appointment had come under question after RBI released a discussion paper in June this year on governance at commercial banks. The paper had proposed capping the tenure of bank CEOs who are promoters or large shareholders at 10 years.
Kotak has already served as the head of Kotak Mahindra Bank for the past 17 years.
The private sector lender also said that RBI also granted approval for reappointing Prakash Apte as Part-time Chairman and Dipak Gupta as joint managing director for a period of three years with effect from January 2021.