DIPAK GUPTA
RBI bars Kotak Bank from adding customers digitally
The Reserve Bank of India (RBI) has imposed strict restrictions on Kotak Mahindra Bank, a third-most valued private bank in India, for failing to fix its IT systems over the past two years. The bank was asked to stop functions cited "with immediate effect" and assured customers that there would be no interruption to services. Kotak Mahindra Bank has taken measures to strengthen its IT systems and will continue to work with the RBI to resolve balance issues at the earliest.
Ashok Vaswani assumes charge as Kotak Bank's MD and CEO
Vaswani, a seasoned banker with experience at Barclays and Citigroup, is known for his role as a 'digital evangelist' at Barclays, where he pioneered digital banking, contributing to the bank's recovery after the 2008 financial crisis. As a chartered accountant and company secretary, Vaswani played a key role in reshaping Barclays' retail strategy after the global financial crisis. He is also associated with introducing Europe to digital banking through the innovative 'Pingit' mobile payments service.
RBI gives nod to CS Rajan’s appointment as Kotak Mahindra Bank’s part-time Chairman
The Reserve Bank of India has approved the appointment of CS Rajan as the part-time Chairman of Kotak Mahindra Bank for a two-year term starting January 1, 2024. Rajan, an IAS officer of the 1978 batch, currently serves as an Independent Director on the bank's board and retired as the Chief Secretary of the Government of Rajasthan in 2016. He replaces Prakash Apte, whose term expires on December 31, 2023.
Kotak Mahindra Bank to sell 51% stake in Kotak General Insurance to Zurich Insurance for Rs 4,051 crore
Kotak Mahindra Bank has sealed a deal with Zurich Insurance, where Zurich will invest Rs 4,051 crore to acquire a 51% stake in subsidiary Kotak General Insurance. This agreement involves a combination of fresh capital infusion and share purchase, with the potential for Zurich to acquire an additional 19% stake within three years of the initial investment.
Ashok Vaswani's brief: Igniting animal spirits at Kotak Mahindra Bank
Vaswani's challenges as the CEO of the country's fourth largest bank with a market value of ₹3.51 lakh crore would include ensuring management stability, building scale in commercial banking, maintaining margins while growing the balance sheet, and preserving a culture built on conservatism rather than aggressive growth, industry watchers said.
Meet 'digital eagle' Ashok Vaswani, who is set to be Kotak Mahindra Bank's first non-promoter chief
Vaswani will be the second full-time CEO at Kotak Mahindra Bank that began as a bill-discounting firm in the 1980s and converted into a full-fledged commercial bank early this century. It is among the few institutions that lives up to the name of a financial supermarket offering a full suite of services — from brokerage, to insurance to multi-billion-dollar advisory services and M&A.
RBI approves appointment of Dipak Gupta as interim MD & CEO of Kotak Mahindra Bank
The Reserve Bank of India (RBI) on Friday approved the appointment of Dipak Gupta as interim MD and CEO of Kotak Mahindra Bank. Gupta have been assigned the position for two months, as of now.
Uday Kotak wants his own soldiers for the top job at Kotak Mahindra Bank; RBI call in focus
Uday Kotak’s sudden resignation on Saturday took the investor community by surprise. Kotak Mahindra Bank, with a market cap of `3.51 lakh crore, is currently the fourth-largest lender in the country. In his resignation letter to chairman Prakash Apte, Uday Kotak revealed that he had contemplated this decision and chose to step down four months before his term’s conclusion.
Who are the key contenders to fill the big boots of billionaire banker Uday Kotak?
Uday Kotak, the billionaire banker and founder of Kotak Mahindra Bank announced that he will step down as the bank's Managing Director and CEO with immediate effect. The bank is now actively searching for Kotak's replacement, both internally and externally. Two key contenders for the role are K V S Manian and Shanti Ekambaram, both full-time directors at the bank.
Decision to quit early not taken under any pressure, says Uday Kotak
Uday Kotak, the founder of Kotak Mahindra Bank, has stepped down as MD and CEO ahead of the end of his term, causing concern among businesses and investors. Kotak reflects on his decision, stating that he wanted to make the succession process smoother and that he had completed his responsibilities. He also emphasizes the importance of institutions over individuals and expresses his confidence in the future growth of the bank.
‘A remarkable journey... I don’t wish to keep hankering for seat’: Uday Kotak
Uday Kotak, the founder of Kotak Mahindra Finance and former MD & CEO of Kotak Bank, has explained his decision to step down before the end of his tenure. Kotak stated that he wanted to do what was best for the institution and ensure a smooth transition. He also mentioned personal and family commitments as a reason for his early departure. Kotak assured that the bank has submitted a succession application to the RBI and that he will remain committed to the investors and the markets as a non-executive director and significant shareholder.
As Uday Kotak vacates the corner office at Kotak Mahindra Bank, RBI plays hardball on successor nod
In a handwritten letter, accessed by TOI, addressed to the bank's chairman, Prakash Apte, Uday Kotak stated, "I have mulled over this decision for some time and believe this is the right thing for the institution." He further explained that his resignation would occur after the completion of the financial year and the Annual General Meeting (AGM) for FY2023, strategically considering the transition and stability aspects.
Uday Kotak: How an outsider built a bank from scratch and made it one of the best
Uday Kotak, the founder of Kotak Mahindra Bank, has stepped down as the bank's Managing Director and CEO. Under his leadership, the bank grew from a small bill-discounting business to India's third-largest private lender by market value. Kotak's knack for spotting financial opportunities, such as car financing and forming partnerships with global firms, helped the bank thrive. He also made banking look cool and built an intelligible brand through innovative marketing campaigns.
Uday Kotak resigns as MD & CEO of Kotak Mahindra Bank, four months ahead of retirement
Uday Kotak on Saturday resigned as the Managing Director and Chief Executive Officer of private lender Kotak Mahindra Bank, the company said in a stock exchange filing. In the interim, Dipak Gupta, the Joint MD will takeover the responsibilities of Kotak until December 31, subject to the approval of the Reserve Bank of India and the members of the bank.
Planning on at companies, capex to follow: Dipak Gupta, Kotak Mahindra Bank
I don't envisage any problem for the next one year. There are three parts to demand, the first one is refinancing where there is a change of bankers. Banks who got in for the short run will be very different than who will enter for the long run and that will lead to a significant market share change.
Kotak Mahindra Bank appoints chief for customer experience with 2k-strong team
At present, the bank's efforts are focused on ensuring that a product or service gets sold easily, while under the new set up, the emphasis will be on the experience which a customer enjoys during the process, he said.
UPI fund transfer timed out? NPCI developing real-time fix
NPCI is working on a feature that will allow real-time settlement of such transactions.
Kotak Mahindra Bank completes its integration for direct tax payments
Kotak customers can now pay their direct taxes through the e-pay tax tab on the portal using Kotak Net Banking or by visiting a branch, the bank said in a press release.
Kotak Mahindra Bank becomes 1st scheduled private sector bank to collect direct, indirect taxes
With this, the bank becomes the first scheduled private sector bank to receive approval after the announcement by Finance Minister Nirmala Sitharaman allowing all banks to participate in government-related business.
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