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RBI approves reappointment of Uday Kotak as chief of Kotak Mahindra Bank

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MUMBAI: The Reserve Bank of India has accredited the reappointment of Uday Kotak because the managing director and chief government officer of Kotak Mahindra Bank, the lender mentioned in an change submitting on Monday. Kotak who has already served because the chief of the financial institution for over 17 years will proceed on the place of MD & CEO for one more three years.

Speculation was rife about Kotak’s reappointment after RBI launched a dialogue paper in June this yr on governance at business banks. The paper had proposed capping the tenure of financial institution CEOs who’re promoters or giant shareholders at 10 years. Since then a number of brokerage homes had anticipated a management change at Kotak Mahindra Bank.

The regulator additionally granted approval for reappointing Prakash Apte as Part –time Chairman and Dipak Gupta as joint managing director for a interval of three years with impact from January 2021.

The board of administrators and shareholders of the financial institution had accredited these re-appointments, at their respective conferences held on 13th May 2020 and 18th August 2020.

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