Uday Kotak: Uday Kotak is the CEO of Kotak Mahindra Bank for the last 17 years.
After the RBI order, now the chair of Kotak Mahindra Bank chief Uday Kotak is in danger.
The Reserve Bank of India has issued a new rule regarding the Managing Director and CEO of Private Bank. Under the new rule, the post of CEO and MD of the bank can remain at the maximum for 15 years. Apart from this, his maximum age cannot be more than 70 years. After the RBI order, now the chair of Kotak Mahindra Bank chief Uday Kotak is in danger.
However, the Reserve Bank said that if a current bank chief has already completed a period of 15 years, then he can continue in his post till the completion of the current tenure. Under this, Uday Kotak will remain in his post till the end of 2023 but after that he will have to withdraw. Currently his tenure is for three years. Recently, there was a report, according to which Uday Kotak is the richest self-made banker in the world. According to the Harun Global Rich List 2020 report, his total assets are Rs 1,04,300 crore, or about $ 15 billion. With this, Kotak joined the list of 100 richest people in the world.
Uday Kotak is the head of the bank for 17 years
The new RBI circular says that if the bank’s promoter or major shareholder is the only MD & CEO or WTD (whole-time director), then he can remain in the post for a maximum period of 12 years. However, the RBI can extend it for three more years. But Uday Kotak is the CEO of Kotak Mahindra Bank for the last 17 years.
Tenure ending on 1 January 2024
Uday Kotak has been in this post since 2003-04. Ever since the functioning of the bank has started, they have been in this position. His current term ends on January 1, 2024, by then his 20 years will be completed. Let us know that earlier in 2020, the share of Uday Kotak and Reserve Bank Promoters has reached the court.
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