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[ad_1] NEW DELHI: The Reserve Bank has given its nod for appointment of Dipak Gupta as interim Managing Director and CEO of Kotak Mahindra Bank following the resignation of Uday Kotak. RBI through its letter dated September 7, 2023, approved Gupta's appointment for a period of two months with effect from September 2, 2023, Kotak Mahindra Bank said in a BSE filing. It is expected that RBI would decide the full time MD of the bank during the period. Uday Kotak stepped down as MD & CEO of the bank effective September 1, nearly four months ahead of his term. As an interim arrangement, its Joint Managing Director Gupta will carry out the duties of MD&CEO for two months as specified by RBI. As per the regulatory mandate restricting an MD's term to 15 years, the bank's board had earlier this year decided to appoint Uday Kotak as a non-executive director. Kotak, whose holding in the bank is 26 per cent, has become a non-executive director after his resignation a...

[ad_1] Kotak Mahindra Bank's loans grew 19%, while deposits rose just over 22%. India's Kotak Mahindra Bank beat expectations on Saturday with a 67% year-on-year rise in quarterly net profit, helped by higher net interest income and robust loan growth. The Mumbai-based private lender's standalone net profit rose to 34.52 billion rupees ($421.1 million) in the three-months ending June 30, above analysts' average estimate of 32.4 billion rupees, according to Refinitiv data. Kotak's net interest income, the difference between interest earned and paid out, increased 33% to 62.34 billion rupees. Its net interest margin (NIM) grew to 5.57%, compared with 4.92% in the year-earlier period but was lower than 5.75% reported in the January-March quarter. Going forward, the bank's NIM "will keep moderating" as cost of funds keep moving up, Dipak Gupta, joint managing director said at a virtual press briefing. Margins will come back to the "normal" 5...

[ad_1] Last Updated: April 30, 2024, 22:52 IST A man walks past the Kotak Mahindra Bank branch in New Delhi, India, September 6, 2017. (Reuters/File Photo) Manian, who had been with the lender for nearly three decades, was elevated in a management rejig in January Kotak Mahindra Bank on Tuesday announced that its joint managing director K V S Manian has stepped down. Manian, who had been with the lender for nearly three decades, was elevated in a management rejig in January. His departure comes days after the RBI put severe business restrictions on the lender, including stopping it from selling new credit cards for shortcomings in its tech architecture. In a statement, the bank said Manian, who has led various businesses including consumer, commercial, wholesale and private banking, has stepped down from his position with immediate effect. The bank statement did not mention anything about Manian’s future plans or the reasons for the immediate departure. Days ahead of his elevation...

[ad_1] Bengaluru: The Reserve Bank of India (RBI) on Tuesday said that it has imposed a penalty of Rs 12 crore 19 lakh on ICICI Bank for violating rules related to the code of conduct for the bank's directors and for fraud reporting. The RBI's inspection reports showed ICICI Bank had sanctioned or committed loans to companies in which two of its directors were also directors, the RBI said in a release. The bank had also marketed and engaged in the sale of non-financial product and failed to report frauds to the central bank within the prescribed timeline of within three weeks from detection. The violations were detected during inspections for the financial years ending March 2020 and March 2021, the RBI said. The central bank separately penalised fellow private lender Kotak Mahindra Bank with a sum of Rs 3.95 crore. The bank was found to have levied interest on some loans contrary to terms of sanction, failed to carry out an annual review of a service provider and ensure t...

[ad_1] Kotak Mahindra Bank's loans grew 19%, while deposits rose just over 22%. India's Kotak Mahindra Bank beat expectations on Saturday with a 67% year-on-year rise in quarterly net profit, helped by higher net interest income and robust loan growth. The Mumbai-based private lender's standalone net profit rose to 34.52 billion rupees ($421.1 million) in the three-months ending June 30, above analysts' average estimate of 32.4 billion rupees, according to Refinitiv data. Kotak's net interest income, the difference between interest earned and paid out, increased 33% to 62.34 billion rupees. Its net interest margin (NIM) grew to 5.57%, compared with 4.92% in the year-earlier period but was lower than 5.75% reported in the January-March quarter. Going forward, the bank's NIM "will keep moderating" as cost of funds keep moving up, Dipak Gupta, joint managing director said at a virtual press briefing. Margins will come back to the "normal" 5...