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Why Uday Kotak stepped down ahead of his tenure as MD and CEO? Here's what RBI rules say
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RBI’s April 2021 guidelines on corporate governance in banks, promoters who are managing directors and chief executives or whole-time directors (WTDs) cannot continue for more than 12 years. But the tenure could be extended to 15 years at the discretion of RBI.
“While examining the matter of re-appointment of such MD and CEOs or WTDs within the 12/15 years period, the level of progress and adherence to the milestones for dilution of promoters’ shareholding in the bank shall also be factored in by the Reserve Bank," it said. While RBI rules do not forbid a promoter CEO from being appointed as a director on the board once his term ends, it is unclear whether such an appointment goes against the spirit of the regulation.
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