Uday Kotak resigns as CEO of Kotak Mahindra Bank

New Delhi: Uday Kotak has resigned as the managing director and chief executive officer of Kotak Mahindra Bank, the bank said in a stock exchange filing on Saturday.

Joint managing director Dipak Gupta will be the chief executive until December 31, it said.

"Uday Kotak has ceased to be the Managing Director & CEO of the Bank, with effect from September 1, 2023 on account of his resignation considered at the Bank's Board meeting held today and has become a non-executive Director of the Bank," the filing said.

No reason was cited for Kotak's resignation.

As an interim arrangement, Gupta will carry out the duties of the Managing Director & CEO until December 31, 2023, subject to the approval of the RBI.