Know who is Deepak Gupta, to whom RBI gave the command of Kotak Mahindra Bank, made MD-CEO for two months
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Kotak Mahindra Bank MD-CEO: Kotak Mahindra, the country’s fourth largest private bank, has got a new CEO. reserve Bank of India (rbi) by Uday Kotak (Uday Kotak) has approved the appointment of Deepak Gupta as the interim Managing Director and CEO of Kotak Mahindra Bank. Kotak Mahindra Bank told the stock market that RBI approved the appointment of Gupta through its letter dated September 7, 2023. His appointment is effective for two months from September 2, 2023. It is expected that RBI will approve the appointment of full-time MD of the bank during this period. Uday Kotak had resigned from the post of MD and CEO of the bank on September 1, about four months before his tenure.
Who is Deepak Gupta
Deepak Gupta MD-CEO Before being created, he was the second most senior executive of Kotak Mahindra Bank. He has held many roles in the bank. He has held the position of Head of IT, Cyber Security, Customer Experience and Business Intelligence. Deepak Gupta Kotak Mahindra Finance (KMFL) started the job in 1999. He is considered to have a very important role in setting up Kotak. In the year 2003, Kotak Mahindra Bank got the status of bank from NBFC. Thereafter, Deepak Gupta was the first CEO of Kotak Mahindra Primus. It was a joint venture between KMFL and Ford Credit. Before joining Kotak, Deepak Gupta AF Ferguson Worked in the Consultancy Division of Overall, Deepak Gupta’s experience in corporate is quite long.
MBA from IIM-Ahmedabad
Deepak Gupta, the new CEO of Kotak Mahindra, has studied engineering. After this, he studied management from IIM-Ahmedabad. Deepak Gupta has a big responsibility after becoming the CEO. The biggest concern before the bank is the growth of unsecured loans. Analysts have expressed concern about this. This year, in June 2023, the share of retail unsecured loans in the total loan book was 10.7 percent. However, Kotak Mahindra Bank’s retail microfinance loans saw a 91 percent jump last year. At present Uday Kotak and his family hold 25.95 percent of the equity share capital in the bank. Whereas, the bank has a stake of 17.26 percent in the paid-up capital.
Kotak resigned before the end of his term
Uday Kotak has left the post of MD and CEO of Kotak Mahindra Bank on September 1, four months before his term ends. Kotak has become the non-executive director of the bank after stepping down from the post of MD & CEO of the bank. He has 26 percent stake in the bank. The new chief will have to take charge on or before January 1, 2024. The Reserve Bank of India (RBI) will soon take a decision on the appointment of the new chief of this private sector bank. However, till December 31, 2023, till December 31, 2023, the bank’s joint managing director Deepak Gupta will continue to hold the responsibility of the bank’s MD and CEO until a decision is taken on the top post. However, this appointment of Gupta is yet to get the approval of RBI.
Bank succession most important in my mind: Uday
On social media platform ‘X’, Uday Kotak had said that the succession of Kotak Mahindra Bank is most important in my mind. The reason for this is that our Chairman, myself and the Joint Managing Director will have to step down by the end of the year. I am keen to ensure this. Kotak started this change with the announcement of voluntarily leaving the post of CEO. He said that the bank is waiting for RBI approval on the name of the proposed successor. Kotak, founder of Kotak Mahindra Bank, once said that he had seen institutions like JP Morgan and Goldman Sachs dominating the financial world and dreamed of creating such an institution in India too. It was with this dream that I started Kotak Mahindra 38 years ago with three employees. He had said that Kotak Mahindra Bank is now a reputed bank and financial institution which is built on the basic principles of trust and transparency.
Started the bank with three employees
Uday Kotak, former CEO of Kotak Mahindra, started Kotak Mahindra with three employees 38 years ago, which is today a reputed bank and financial institution. He said that we have created value for our stakeholders and created more than one lakh direct jobs. An investment of Rs 10,000 with us in 1985 would be worth around Rs 300 crore today. I am confident that this Indian-owned institution will continue to play its role in making India a social and economic superpower. Kotak, in a handwritten message to bank chairman Prakash Apte, said the time has come to move on and the decision to resign three months before the end of his tenure has been taken to complete the process in an orderly manner. . Apte’s tenure also ends on December 31, 2023.
Who is Uday Kotak
Uday Kotak is an Indian businessman and the chairman of Kotak Mahindra Bank and a recognized financial entrepreneur. He is famous as a prosperous businessman and prominent leader of the banking sector. Uday Kotak was born on 15 March 1959, in Jamnagar city of Gujarat. He obtained his bachelor’s degree in Mumbai and then started a career in the financial sector after becoming a Chartered Accountant (CA). Uday Kotak founded Kotak Mahindra Bank in 2003, which he still serves as chairman. Kotak Mahindra Bank holds an important position in the Indian financial market and is a leading private bank providing various financial services. Uday Kotak has received several awards for his contributions to the financial sector, and is considered an important member of the Indian business community.
Kotak Mahindra wanted to become a cricketer
Uday Mahindra Growing up in Mumbai in the 1970s, Uday Kotak wanted to become a cricketer. He took training from the great coach Ramakant Achrekar. However, due to an injury in the field, he had to turn to finance. He started a finance firm named Kotak Capital Management Finance Limited in 1985. He converted it into a bank in 2003. Uday started his finance and bill discounting business with initial capital borrowed from family and friends. The major part of the investment was given by his best friend Anand Mahindra, hence the bank was named Kotak Mahindra. At the age of 23, Uday Kotak started Kotak Capital Management Finance Limited, a financial consulting company, which later became Kotak Mahindra Finance Limited.
Studied at Jamnalal Bajaj Institute of Management Studies
Uday Kotak, who grew up in Mumbai, also got his education from there. He has a bachelor’s degree in commerce and an MMS degree from Jamnalal Bajaj Institute of Management Studies. Presently he has more than 35 years of experience in the banking and financial sector. Uday Kotak is married to Pallavi Kotak. They have two children and live in Mumbai.
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