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Rejecting a media report, Kotak Mahindra Bank on Monday said there is no communication, formal or informal, from the Reserve Bank of India (RBI) to Kotak Mahindra Bank or its board members on the CEO succession.
According to a Bloomberg report quoting sources, the RBI is nudging Kotak Mahindra Bank Ltd to select someone outside the lender’s ranks to succeed billionaire founder Uday Kotak as the next Chief Executive Officer.
The Reserve Bank of India has conveyed its view to board members of Kotak Mahindra Bank and Asia’s richest financier, they said, asking not to be named, as the communication is private. The regulator is also reviewing whether stakes the banking group holds in two wholly-owned insurance units pose any risks to the firm’s stability, according to the report.
“We would like to state that there is no communication, formal or informal, from RBI to Kotak Mahindra Bank or its Board members on CEO succession. Further, the Bank holds all regulatory approvals including from RBI for its stake in its insurance subsidiaries and has not received any formal or informal communication to the contrary,” Kotak Mahindra Bank said in a statement on Monday.
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