The Reserve Bank of India on Monday approved re-appointment of Kotak Mahindra Bank's founder Uday Kotak as managing director and chief executive officer of the bank for a period of three years with effect from January 1, 2021, Kotak Mahindra Bank said in a stock exchange filing. The central bank has also approved re-appointment of Prakash Apte as part -time chairman and Dipak Gupta as joint managing director.
"Kotak Mahindra Bank's board of directors had on approved the re-appointments, subject to the approval of the RBI, at their respective meetings held on 13th May 2020 and 18th August 2020," the bank said in the statement.
Following the RBI's approval, Kotak Mahindra Bank's shares rose as much as 0.48 per cent to hit an intraday high of Rs 1,949. However, due to weakness in overall market, the stock gave up gains and was down 0.4 per cent at Rs 1,932.