RBI approves CS Rajan's appointment as Kotak Mahindra Bank chairman

The Reserve Bank of India (RBI) has approved the appointment of C S Rajan, an independent director of Kotak Mahindra Bank, as its part-time chairman for a period of two years, with effect from January 1, 2024, the lender told the exchanges.

Rajan’s appointment follows the retirement of the incumbent non-executive independent part-time chairman, Prakash Apte, whose term expires onDecember 31, 2023.

Rajan is a successful leader with over 40 years of experience across significant government portfolios. An IAS officer of 1978 batch, he was appointed as an Independent Director on the Board of Kotak Mahindra Bank, with effect from October 22, 2022.

In October 2018, Rajan was appointed by the government on the Board of Infrastructure Leasing and Financial Services Limited (IL&FS) initially as Director, thereafter as Managing Director for a period of three and half years, then as chairman & managing director for a year and, since then, he has been serving as the non-executive chairman of IL&FS.

The release said Rajan’s expertise across sectors vital to India’s future, including infrastructure, roads, energy, agriculture & rural development, industry andcommerce will bring a fresh perspective to the deliberations and contribute to the lender's growth.

On being appointed as the chairman, Rajan, said, "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.”

Dipak Gupta, managing director & chief executive officer, Kotak Mahindra Bank said, “We thank Mr. Prakash Apte for his contribution to the Bank, first as an Independent Director and subsequently as the Chairman of the Bank’s Board."

We would like to congratulate C S Rajan on his appointment as chairman of the bank’s Board. We are confident that the bank will benefit immensely from Rajan’s guidance for its next phase of growth, Gupta said.