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Post <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=automobile+sector&amp;sortorder=effectivedate">automobile sector</a> has seen a steep decline in sales. The number of people visiting the dealership has gone down significantly low. 
 
With small business and trading communities are holding themselves from purchasing decisions because of cash crunch, retail sales are expected to go down by 30%. 
 
The situation is worse in the used car market and service stations as these mostly have transactions that are done in cash. 
 In markets such as Gujarat, Delhi and Punjab where the number of people that pay in cash is higher, sales may have dropped as much as 50% after the <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> was announced on November 8, bankers and dealers said.But all of that may not be lost sales. 
 "In Gujarat, where a lot of car purchases used to be in cash, actual car sales are nearly 50% down. But, some of this looks like short-term implication; the long-term demand is intact. This only looks like postponement of purchases,” <keyword id="384178" type="PERSON" weightage="20" keywordseo="Dipak-Gupta">Dipak Gupta</keyword>, joint managing director at <a href="http://www.businessinsider.in/searchresult.cms?query=Kotak+Mahindra+Bank+&amp;sortorder=effectivedate">Kotak Mahindra Bank </a>told ET. 
 
The rural part of the nation also has seen a very tremendous decline in demands as people there aren’t comfortable with banking systems. 
 
"Rural people are not so comfortable with the banking system and they believe in keeping cash at home,” a top executive at another auto firm, who didn't want to be named, told ET. 
 
Many prospective customers are preoccupied in managing the cash crunch, and probably have little time to think about things that aren't urgent, like buying of a car or a bike. 
 "Even where loans have been sanctioned people don't want to draw money right now,” <keyword id="55942" type="PERSON" weightage="20" keywordseo="Rajiv-Anand">Rajiv Anand</keyword>, executive director for retail banking at <keyword id="6355975" type="CITY" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword>, told ET. 
 
Auto dealers said they were writing to manufacturers to reduce dispatches looking at the demand situation. 
 
However, according to experts, there is demand, but buying has been delayed due to lack of funds. 
(image: indiatimes)

Demonetisation: November retail sales in automobile sector feared to go down by 30%

<keyword id="45051" type="General" weightage="20" keywordseo="uday-kotak" source="Orion">Uday Kotak</keyword> has resigned as the Managing Director &amp; CEO of Kotak Mahindra the Bank with effect from September 1. Kotak, whose resignation was considered at the Bank's Board Meeting on Saturday, will continue as a non-executive Director of the Bank. In a letter to Prakash Apte, <keyword id="6364480" type="General" weightage="20" keywordseo="chairman" source="Orion">Chairman</keyword> of the Board of Directors, Kotak said he has resigned "with immediate effect" though he still has a few months to go. "Succession at <keyword id="46013" type="General" weightage="20" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword> has been foremost on my mind, since our Chairman, myself and Joint MD are all required to step down by year-end. I am keen to ensure smooth transition by sequencing these departures. I initiate this process now and step down voluntarily as CEO," he said. As an interim arrangement, Dipak Gupta, the Joint Managing Director, will carry out the duties of the Managing Director &amp; CEO until December 31, 2023, subject to the approval of the Reserve Bank of India and the members of the Bank. The Bank has already made an application to the <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> for the approval of the new Managing Director &amp; CEO, with effect from January 1, 2024. Kotak is the Founder and Promoter of the Bank and has been the Managing Director &amp; CEO of Kotak Mahindra Bank Limited (earlier known as Kotak Mahindra Finance Limited) since August 1, 2002. He has played an important role in the institution's growth over the past 38 years. Under Kotak's leadership, <keyword id="249600" type="General" weightage="20" keywordseo="kotak-mahindra-group" source="Orion">Kotak Mahindra group</keyword> established a prominent presence in every area of financial services from stock broking, investment banking, car finance, life insurance and mutual funds.

Uday Kotak resigns as MD & CEO of Kotak Mahindra Bank

<ul><li>RBI approves appointment of <keyword id="1402053" type="General" weightage="20" keywordseo="Ashok-VAswani" source="Orion">Ashok Vaswani</keyword> as the new boss of <keyword id="46013" type="General" weightage="20" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword>.</li><li>Vaswani was initially at Citigroup and more recently, at Barclays and has built and grown global businesses at scale.</li><li>Currently, he is President of Pagaya Technologies Ltd - a US-Israeli AI Fintech.</li></ul> In what is a generational shift, Kotak Mahindra Bank on Saturday said that Ashok Vaswani would step into the shoes of Uday Kotak and take over reins as MD and CEO. Vaswani is a banker who has worked with several large global banks. The move is interesting as the assumption was that an insider would take over the top job. The bank said that the Reserve Bank of India (RBI) has approved the appointment of Ashok Vaswani as the next Managing Director &amp; Chief Executive Officer (MD &amp; CEO). This is for a period of three years from date of taking charge which shall not be later than January 1, 2024. The appointment is subject to shareholders’ approval. Ashok Vaswani has been a career banker for three and a half decades. He was initially at Citigroup and more recently, at Barclays and has built and grown global businesses at scale, nurturing winning teams, establishing transformational partnerships, leveraging forward leaning technology, with a compelling business vision to deliver strong bottom-line growth. Ashok was Chief Executive Officer of Barclays Bank, UK and subsequently CEO of their Global Consumer, Private, Corporate and Payments businesses and Member of the Group Executive Committee. Earlier, Ashok was CEO Citigroup Asia Pacific and Member of the Citigroup Global Operating &amp; Management Committees. He also built and ran various country and regional businesses across geographies. Currently, he is President of Pagaya Technologies Ltd - a US-Israeli AI Fintech. Ashok is also on the Board of the London Stock Exchange Group and the SP Jain Institute of Global Management, UK.. Ashok Vaswani is a Bachelor of Commerce, Economics and Accountancy, from the Sydenham College of Commerce and Economics (Bombay University), CA from the Institute of Chartered Accountants of India, CS from the Institute of Company Secretaries of India and Executive Education from the Stanford University Graduate School of Business. Uday Kotak, the founder <keyword id="19221594" type="General" weightage="20" keywordseo="CEO-of-Kotak-Mahindra-Bank" source="Orion">CEO of Kotak Mahindra Bank</keyword>, stepped down as the CEO on 1 September this year. The assumption was that one of the loyal insiders would step in his shoes. However, Vaswani is an interesting choice because he brings with him significant executional experience with high degree of compliance and industrial strength across Corporate and Consumer businesses. Prakash Apte, Chairman of Kotak Mahindra Bank said, “We are pleased to announce that RBI has approved the appointment of Ashok Vaswani as the next MD &amp; CEO of Kotak Mahindra Bank. Ashok is a global banking leader with a proven track record of building and growing businesses at an international scale and has successfully steered organisations to greater heights. We are confident that Ashok will accelerate change and drive growth at Kotak.” Dipak Gupta, Managing Director &amp; CEO, Kotak Mahindra Bank said “We welcome Ashok to the Kotak family. Ashok brings with him values and experience that align with Kotak’s vision to transform into a tech-enabled, customer centric financial institution for the future. “ Uday Kotak, Founder and Director, Kotak Mahindra Bank said “I am delighted that the RBI has approved our recommendation, Ashok Vaswani, as the next MD &amp; CEO of Kotak Mahindra Bank. Ashok is a world class leader and banker with digital and customer focus. I am proud that we bring a “Global Indian” home to build Kotak and India of tomorrow.” Ashok Vaswani said, “I thank the Board for entrusting me with the responsibility of leading Kotak Mahindra Bank’s journey to the next phase of growth. I am excited and honoured to carry forward the legacy of Uday who has built this world-class institution. With our proven leadership team we will take the Bank to new heights. We will ensure that Kotak Mahindra Bank plays a meaningful role in India’s journey to being one of the top 3 economies in the world in the next 5 years, delivering shareholder value. At a personal level, l am delighted to come back home.”

Ashok Vaswani is new CEO of Kotak Mahindra Bank

<keyword id="178659" type="General" weightage="20" keywordseo="kotak-mahindra-bank-ltd" source="Orion">Kotak Mahindra Bank Ltd</keyword> (KMBL) has received approval from the government for collection of direct and indirect taxes, such as income tax, Goods and Services Tax (GST) etc, through its banking network. With this, the bank becomes the first scheduled private sector bank to receive approval after the announcement by <keyword id="25455" type="General" weightage="20" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> allowing all banks to participate in government-related business. After technical integration, KMBL customers will be able to pay their direct and indirect taxes straight from KMBL's mobile banking or net banking platforms as well as through KMBL's branch banking network, resulting in immense ease and convenience for customers, the bank said in a statement. <keyword id="46013" type="General" weightage="80" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword>'s Joint Managing Director, Dipak Gupta said: "We are delighted to receive the necessary approvals permitting <keyword id="39409" type="General" weightage="100" keywordseo="kotak" source="Orion">Kotak</keyword> to collect direct and indirect taxes on behalf of the government, making tax payments more simple, convenient and efficient for our customers. We look forward to a long-standing relationship with the government, providing a wide range of services, backed by our strong technology platform, digital capabilities and customer-first approach." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ongc-returns-to-2-trillion-club-after-2-years-as-gas-crude-oil-prices-rise/articleshow/86778637.cms">ONGC returns to ₹2 trillion club after 2 years as gas, crude oil prices rise</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paras-defence-space-technologies-stock-remains-in-5-upper-circuit-this-week/articleshow/86775804.cms">The party isn’t over for Paras Defence shareholders as the stock breaks through the ceiling three days in a row</a>

Kotak Mahindra Bank gets approval from the government to collect direct, indirect taxes

<ul><li>Post the deal announcement, <keyword id="46013" type="General" weightage="20" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword>’s shares rose to its highest in the last 12 months.</li><li>KFin Technologies claims to be a market leader in providing registry and transfer agent services to mutual funds in India.</li><li>The transaction is expected to complete by the end of October 2021.</li></ul>Private sector lender <keyword id="39409" type="General" weightage="20" keywordseo="kotak" source="Orion">Kotak</keyword> Mahindra Bank has agreed to acquire a 9.98% stake in KFin Technologies for a cash consideration of ₹310 crore, the bank said in a stock exchange notification on Monday. KFin Technologies claims to be the market leader in providing registry and transfer agent services to mutual funds in India. Besides asset management firms, it also provides similar solutions for alternative investment funds, wealth managers and corporates. KFin serves 25 of the 44 asset management firms in India, and services 23 mutual fund and pension managers across Asia, including Malaysia, Philippines, Singapore and Hong Kong. It also serves over 300 AIFs schemes launched by over 100 fund managers, along with over 550 listed and more than 3,700 unlisted corporates with over eight crore folios in India, it said. AIFs are privately pooled investment vehicles established or incorporated in India, which collect funds from Indian and/or foreign investors. These include private equity funds, venture funds, social funds and debt funds operating in the country. Besides, the company is also one of the two central record keeping agencies under the National Pension System in India, and is expanding in insurance transaction processing and fund administration, it said. The transaction, termed as a financial investment by Kotak Mahindra bank, is expected to complete by the end of October 2021, it said. “At Kotak Mahindra Bank, this investment is in line with our stated strategy of making minority investments in businesses which are professionally managed and have deep client entrenchment. We are excited about the future growth prospects of the business and believe that an investment in KFin, with its significant franchise, will create long-term value for our stakeholders,” said Dipak Gupta, joint managing director at Kotak Mahindra Bank. The development comes as American private equity fund General Atlantic, which currently holds 83.25% stake in KFin Technologies (formerly Karvy Fintech), plans to cut down its holding to almost half, according to a February 9 <a href="https://economictimes.indiatimes.com/markets/stocks/news/general-atlantic-looks-to-cut-kfintech-stake-by-almost-50/articleshow/80755261.cms?from=mdr">report</a> by The Economic Times. As of Dec. 31, 2020, the company had cash and bank balance of about ₹105 crore, according to an April 30 rating <a href="https://www.icra.in/Rationale/ShowRationaleReport?Id=103142">note </a>by ICRA. But the company’s repayment obligations are “ballooning”, it said. “The company has ballooning repayment obligations with ₹52 crore, ₹80 crore and ₹220 crore due in FY2022, FY2023 and FY2024, respectively. KFin’s ability to generate growth while gradually expanding its margins will thus remain crucial,” the note said. ICRA, however, reaffirmed the company’s ratings at AA- (Stable). As of March-end, KFin Technologies’ consolidated revenue stood at ₹486 crore, while it made a net loss of ₹64.5 crore, as per its latest financial disclosures. The company’s net worth fell 17% year-on-year to about ₹321 crore as of fiscal 2021. Post the deal announcement, Kotak Mahindra Bank’s shares rose to its highest in the last 12 months to ₹2,024.95 by 11 a.m., on September 20, with its market capitalisation crossing ₹4 lakh crore. <div type="image" title="kotak mahindra" height="900" width="1200" msid="86360936" hostid="261"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/amazon-lawyers-allegedly-paid-bribes-to-indian-government-officials/articleshow/86360262.cms">Amazon is investigating its lawyers for allegedly bribing Indian government officials</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/vodafone-ideas-5g-trials-achieve-speeds-in-excess-of-3-7-gbps-in-pune/articleshow/86360103.cms">Vodafone Idea's 5G trials achieve speeds in excess of 3.7 Gbps in Pune</a>

Kotak Mahindra Bank to buy about 10% in KFin Technologies for ₹310 crore

Mumbai, Jan 20 () Kotak Mahindra Bank on Monday posted a 27 per cent jump in its consolidated post-tax net profit at Rs 2,348 crore, but reported a sharp slowdown in credit growth and an uptick in asset quality stress which spooked investors.
On a standalone basis, it reported a 23 per cent increase in profit to Rs 1,595.90 crore.
The bank, whose scrip witnessed a 4.70 per cent correction after the results, will only be able to achieve a credit growth in "mid-teens" which is slower than the initial expectations, its joint managing director Dipak Gupta told reporters here.
The private sector lender reported a 10 per cent growth in advances, which just a notch above the system's growth.
Gupta said the bank wants to "genuine and lendable" borrowers who are few in number, and also pointed to RBI's single group exposure norms as a worry impeding growth.
He said there has been an increase in the "unknown unknowns", wherein an otherwise well performing concern goes suddenly reports troubles and underlined that this aspect is entity-specific and not sectoral.
The bank's stock of gross non-performing assets (NPAs) increased to 2.46 per cent as against 2.07 per cent in the year-ago period. A third of its over Rs 1,000 crore in fresh slippages came from two "unknown-unknowns", where a company was downgraded due to unforseen events.
The "unknown unknowns" are coming up because of a variety of challenges, including governance, accounting issues, regulatory moves and judicial interventions, he said, without elaborating or pointing out to the two cases.
On the loan growth front, the bank did not write much of loans on the corporate side which accounts for over 40 per cent of the book due to slowdown in capex, Gupta said.
Stating that the retail book quality is holding up as the broader economic worries are not playing into jobs as yet, Gupta said it is cautious on the unsecured part where there is a threat of a ponzi behaviour where one borrower borrows from multiple institutions to take care of repayments.
"The companies who you can lend comfortably has shrunk, the choice is how much more can you lend to them. SME loan growth has been slow, loan requirements in that segment are pretty restricted so we have not found opportunities to grow as much as we would want," Gupta said.
He explained writing a loan gives a 2 percentage point spread to a bank as interest income, difficulties in recoveries can lead to 100 per cent wipe-off of the same amount, and added that the shocks typically come to haunt a bank three years later.
Nominal GDP growth has to go up to above 10 per cent from the under 8 per cent in order to get the loan growth back, he said, adding that from a future outlook perspective, things are looking at the most positive in two quarters now. 
The share of advances with unpaid dues for 61-90 days came down in the December quarter to Rs 374 crore, Gupta said.
For the reporting quarter, the bank's net interest income grew 17.22 per cent to Rs 3,430 crore, helped majorly by an expansion in net interest margin to 4.66 per cent from the year-ago's 4.22 per cent.
Its overall provisions came at Rs 444 crore as against a write-back of Rs 32.30 crore in the year-ago period and the quarter ago's Rs 407 crore.
Gupta said its distressed asset fund has closed a deal recently without elaborating on the transaction.
All the subsidiaries reported s surge in profits, including broking arm's Rs 128 crore, life insurance arm's Rs 166 crore and Kotak Mahindra Capital's Rs 40 crore.
The bank scrip closed 4.70 per cent down at Rs 1,618.05 on the BSE, as against a 0.99 per cent correction on the 30-share benchmark. AA MKJ

Kotak Mahindra Bank posts 27% rise in post-tax profit at Rs 2,348 crore

<ul><li>The Reserve Bank of India (RBI) has proposed limiting the tenure of bank CEOs to no more than than 15 years in a new discussion paper to strengthen private banks.</li><li>HDFC Bank's CEO <keyword id="6406769" type="ORGANIZATION" weightage="20" keywordseo="aditya-puri">Aditya Puri</keyword> is already on the hunt for his successor after a 26-year stint. </li><li>Kotak Mahindra Bank’s CEO <keyword id="45051" type="PERSON" weightage="20" keywordseo="Uday-Kotak">Uday Kotak</keyword> looks like he’s the only one who may get caught on the cross-hairs after already having been at the helm for 17 years.</li></ul>The Reserve Bank of India (RBI) has issued a discussion paper that proposes limited the tenure of promoter-chief executives and even non-promoter CEO. HDFC’s managing director and CEO, Aditya Puri, would have borne the brunt of new proposed regulations had the hunt for his successor not already been in progress. He’s has been at the helm of HDFC for since 1994 — that’s a tenure of 26 years. However, Uday Kotak, the CEO of Kotak Mahindra Bank won’t be able to enjoy the same privilege. Of the top 10 private banks in India, he now has the most to lose. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CEO </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Date of appointment </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aditya Puri </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1994 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uday Kotak </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Feb 2003 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Federal Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shyan Srinivasan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sep 2010 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">South Indian Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">VG Mathew </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oct 2014 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sandeep Bakhshi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oct 2018 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">J&amp;K Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RK Chhibber </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jun 2019 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amitabh Chaudhary </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 2019 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prashant Kumar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mar 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sumant Kathpalia </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mar 2020 </td></tr></tbody></table> In its paper, the RBI suggests that the tenure of promoter CEOs should be limited to 10 years. Non-promoter CEOs should also only be allowed to stay on for no more than 15 years. Once the tenure is over, the RBI has given leeway for around two years allowing banks to appoint a successor — once the rules are finalised. “To build a robust culture of sound governance practice, professional management of banks and to adopt the principle of separating ownership from management, it is desirable to limit the tenure of the WTDs or CEOs,” RBI said in the discussion paper. If CEOs want to return to the helm, they will have to wait it out for three years before they can be reappointed. What does this mean for Uday Kotak? Uday Kotak, who has been Kotak Mahindra Bank’s executive vice-chairman and managing director since its inception in 2003-04, was re-designated as managing director and CEO in May 2018. That culminates in a total of 17 years that Uday Kotak leading the bank. If RBI’s new guidelines come into effect, Kotak may get another two years to name his successor. The brokerage firm Jefferies believes the most likely candidate for the position is Dipak Gupta, the current joint managing director. Uday Kotak has been in the midst of another stalemate with RBI to bring his stake in the bank down to 26%. Earlier in June, he sold off 56 million shares through a block deal, bringing his promoter stake down to 26.1% ⁠— after <a href="https://www.businessinsider.in/business/news/uday-kotak-to-sell-2-83-stake-in-kotak-mahindra-bank-sale-to-fetch-over-rs-6800-cr/articleshow/76141837.cms">multiple extensions</a> to the initial December 2018 deadline set by the RBI. However, he still has to trim around 0.1% in order to comply with RBI’s guidelines. RBI’s new regulations come after controversies led by Yes Bank, the Bank of Rajasthan and other promoter-sponsored banks have faced trouble in the recent past. Limiting the tenure of promoter-chief executives could be its way of safeguarding the interests of financial institutions. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-hcl-tech-and-tech-mahindra-to-gain-from-amazon-google-and-microsoft-spending-more-on-technology/articleshow/76334123.cms">TCS, Infosys, HCL Tech and others will gain from Microsoft, Amazon and Google spending more on technology</a> <a href="https://www.businessinsider.in/personal-finance/news/savings-rates-in-banks-offer-higher-returns-than-fds-as-banks-continue-to-slash-fd-interest-rates/articleshow/76282346.cms">Keeping your money in a savings account will fetch you more interest than locking it up in a fixed deposit</a> <a href="https://www.businessinsider.in/stock-market/markets/news/indusind-icici-bank-hdfc-bank-and-sbi-among-top-10-losers-in-nifty-bank/articleshow/75805726.cms">From IndusInd to ICICI Bank to SBI ⁠— banks were among the worst-hit despite the government pause on new bad loans</a>

You Searched For "Dipak Gupta" and got 12 results

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