Sixty-four year old Uday Kotak, CEO and managing director, Kotak Mahindra Bank, has resigned. He was to attain superannuation in December 2023, but has decided to exit three months earlier due to personal reasons. It is pertinent to mention here that the Reserve Bank of India has set 15 years as the maximum limit for a managing director or CEO of any private-sector bank to hold office.
His banking / financial services career spanned more than 40 years. He founded Kotak Mahindra Bank in 1985, after he realised he could no longer pursue a career in cricket following an injury.
Although he has resigned as CEO and MD, Kotak will continue to serve as a non-executive director as part of Kotak Mahindra Bank’s board.
Way back in 1982, in his early 20s, Kotak set up a financial consultancy in an office space granted to him by his father.
An alumnus of Jamnalal Bajaj Institute of Management Studies and Sydenham College of Commerce and Economics, Kotak was not keen to follow in his father’s footsteps and join the family business. His family was primarily involved in cotton trade and sale of agricultural commodities. He, however, took a different route and obtained a banking licence in 2003.
He holds 26 per cent stake in Kotak Mahindra Bank today, which is valued at more than Rs 3.5 lakh crore.
