RBI approved appointment of Kotak Bank Chairman

The Reserve Bank of India (RBI) authorised C S Rajan, an independent director of Kotak Mahindra Bank, to serve as the bank’s part-time chairman, the bank mentioned on Wednesday. The approval is valid for two years, beginning January 1, 2024.

Rajan was appointed as the next part-time chairman following the retirement of the incumbent chairman, Prakash Apte, whose term ends on December 31, 2023. Rajan has worked in several government portfolios for over 40 years.

On October 22, 2022, the retired IAS officer accepted the job of independent director on the bank’s board. Rajan takes over at a time when the bank’s top management is changing significantly.