Kotak Mahindra Bank Limited at its meeting held on September 2, 2023 announced that Mr. Uday Kotak has ceased to be the Managing Director of the Bank, with effect from September 1, 2023 on account of his resignation considered at the Bank's Board Meeting and has become a Non-Executive Director of the Bank. Mr. Uday Kotak is the Founder and Promoter of the Bank and has been the Managing Director & CEO of Kotak Mahindra Bank Limited (earlier known as Kotak Mahindra Finance Limited) since August 1, 2002. He has played an important role in the institution's growth over the past 38 years. Under Mr. Kotak's leadership, Kotak Mahindra group established a prominent presence in every area of financial services from stock broking, investment banking, car finance, life insurance and mutual funds. Mr. Kotak leads several key bodies and is currently Co-Chairman of the Indo-UK Financial Partnership (IUKFP) and Chairman of the Advisory Committee on Corporate Insolvency and Liquidation (Insolvency & Bankruptcy Board of India). He is on the International Advisory Panel of Monetary Authority of Singapore, the International Advisory Board of the Government of Singapore Investment Corporation, the Investment Advisory Committee of India's Army Group Insurance Fund. From October 1, 2018 to April 2, 2022, Mr. Uday Kotak served as Non-Executive Chairman of the IL&FS Board as constituted by the Government of India to steer the NBFC out of a deep crisis, which he served as his national duty. Mr. Kotak is the recipient of many accolades including the `EY World Entrepreneur of the Year Award' in 2014, `Economic Times Business Leader of the Year Award' in 2015, `Businessman of the Year 2016' by Business India, `Lifetime Achievement Award' at Financial Express' Best Banks' Awards 2016, `USIBC Global Leadership Award' at the 2018 India Ideas Summit organised by the U.S.-India Business Council, `Life Time Achievement Award' at Magna Awards 2019 by Businessworld, `Best CEO in Banking Sector' by the Business Best CEO Awards 2019 and `India Business Leader of the Year' by CNBC-TV18 at the India Business Leader Awards 2021. Mr. Kotak holds a Bachelor's degree in Commerce from Mumbai University and a Master's in Management Studies degree from Jamnalal Bajaj Institute of Management Studies, Mumbai.
The Board of the Bank at its meeting held on September 2, 2023 approved that Mr. Dipak Gupta carry on the duties of Managing Director as an interim arrangement, for the period up to December 31, 2023, subject to the approval of the Reserve Bank of India and the members of the Bank. Mr. Dipak Gupta has been a Whole-time Director of the Bank (earlier known as Kotak Mahindra Finance Limited) since January 1999 and had been designated as the Joint Managing Director of the
Bank, since January 1, 2012. Mr. Dipak Gupta had over three decades of experience in the financial services sector, nearly two and half decades of which had been with the Kotak Group. At the Bank, he currently oversaw the IT including Cyber Security and Digital Initiatives and Internal Audit. He was earlier responsible for Human
Resources, Marketing, Compliance, Administration, Infrastructure and Operations. He had been responsible in the past for Treasury, Wealth Management and Consumer Finance businesses. Mr. Gupta was also instrumental in forging the joint venture with Ford Credit and was the first Managing Director of Kotak Mahindra Primus Limited (now
Kotak Mahindra Prime Limited). Post conversion into a Bank, he was responsible for various initiatives. Mr. Gupta has also been a member/chairman of various board and non-board committees over the years, including Chairman of the Bank's Credit Committee and First Tier Audit Committee. Mr. Gupta has played a key role in building various businesses for Kotak Mahindra Group. He was instrumental in forging the partnership between Kotak Mahindra Finance Ltd. and Ford Credit International.