Uday Kotak Steps Down As Chairman and MD Of Kotak Mahindra Bank With Immediate Effect

New Delhi: The founder of Kotak Mahindra Bank and current chairman and MD Uday Kotak has announced his resignation from both posts. His colleague Dipka Gupta, who is currently joint MD, will take the interim charge and function as MD and CEO.

Uday Kotak is supposed to work as non-executive director of Kotak Mahindra bank. However, the bank is awaiting the approval of Reserve Bank of India (RBI) to initiate the process of succession.

Sharing his resignation on X (formerly Twitter) platform, Uday Kotak said: “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.”

Uday Kotak founded Kotak Mahindra bank 38 years ago with 3 employees in a 300 sqft office in Fort, Mumbai. It is now become a big financial institution, competing against JP Morgan and Goldman Sachs.

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.…

— Uday Kotak (@udaykotak) September 2, 2023

Talking about creating trust and transparency via the financial institution, Uday Kotak said they had created value for their stakeholders and provided over 1 lakh direct jobs.

“An investment of ₹10,000 with us in 1985 would be worth around ₹ 300 cr today,” he added.