Uday Kotak has resigned as Managing Director and CEO of Kotak Mahindra Bank Ltd. with immediate effect, four months ahead of the end his tenure. The board taking note of the development has appointed Joint Managing Director Dipak Gupta as interim MD and CEO.
The resignation is as per the plan and following the Reserve Bank’s guidelines. Kotak has been leading the bank since its inception as a non-banking financial institution in 1985. It became a commercial lender in 2003. He has a net worth of about $13.4 billion, according to Bloomberg Billionaires Index. Kotak along with relatives and enterprises in which he has beneficial interest holds 25.95 percent of the equity share capital of the bank and 17.26 percent of the paid-up share capital of Kotak Mahindra Bank Limited as on March 31, 2023