Uday Kotak has resigned as the managing director and chief executive officer of Kotak Mahindra Bank, the bank said in a stock exchange filing on Saturday."Uday Kotak has ceased to be the Managing Director & CEO of the Bank, with effect from September 1, 2023 on account of his resignation considered at the Bank's Board meeting and has become a non-executive Director of the Bank," the filing said.

• Joint managing director Dipak Gupta will be the chief executive until December 31, it said.
• Kotak's resignation comes four months ahead of his planned retirement at the end of this year.
• In the meantime, the bank has already made an application for the new managing director to India's central bank. In India top posts at lenders are approved by the Reserve Bank of India.