The Reserve Bank of India (RBI) yesterday approved CS Rajan’s appointment as the part-time Chairman for Kotak Mahindra Bank for a period of two years. The appointment is effective from 1st January, 2024. He is currently the Independent Director of the bank, according to a statement from the bank.
Rajan’s appointment comes following the retirement of the incumbent part-time Chairman, Prakash Apte, whose term expires on 31st December, 2023, said the statement.
With over 40 years of experience, Rajan was appointed as an Independent Director on the Board of the Bank, with effect from 22nd October, 2022, it added.
Prior to it, he has also acquired experience in the fields of Human Resources (HR), Finance and General Administration. He has served on inter-disciplinary teams for review of World Bank projects in other states and also as a Consultant to the World Bank in a Study on ‘Farmer Participation in Agricultural Research and Extension System.’
Speaking on the appointment, Dipak Gupta, Managing Director and CEO, Kotak Mahindra Bank, said in the statement, “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 Mr CS 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.”
In October 2018, he was appointed by the Government of India 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 and Managing Director for a year and, since then, he has been serving as the Non-Executive Chairman of IL & FS, mentioned the statement.
Rajan also said in the statement, “I am 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.”
