RBI gives nod to CS Rajan’s appointment as Kotak Mahindra Bank’s part-time Chairman
Reserve Bank of India has approved the appointment of CS Rajan as part-time Chairman of Kotak Mahindra Bank for two years w.e.f. January 1, 2024, the company said in a stock exchange filing on Wednesday.
Rajan replaces Prakash Apte, whose term expires on December 31, 2023.
«We would like to congratulate Mr.
C S Rajan on his appointment as Chairman of the Bank’s Board. We are confident that the Bank will benefit immensely from Mr.
Rajan’s guidance for its next phase of growth,» said Dipak Gupta, Managing Director & CEO, Kotak Mahindra Bank.
An IAS officer of 1978 batch, Rajan is currently an Independent Director on the board of the private bank since October 22, 2022. Rajan retired as the Chief Secretary of the Government of Rajasthan in the year 2016.
Rajan served in leadership roles for 12 years in sectors including energy, highways, water resources and industry including SSI/MSME.
Rajan also worked for 14 years in agriculture and rural development.
Rajan in October 2018 was appointed by the Central government on the board of IL&FS as Director, following which he served as the Managing Director for three and a half years, Chairman & MD for a year.
Since then, he's been serving as the Non-Executive Chairman of IL&FS.
«I am deeply humbled and honoured to accept the appointment as Chairman of the Bank and thank the Board for entrusting me with the responsibility to steer the Bank to new heights and increase stakeholder value. I look forward to working collaboratively with the board and the entire team,» Rajan said in a statement.
