Kotak Mahindra Bank (KMB) on Monday denied a news report that the Reserve Bank of India (RBI) wants the private sector lender to pick an outsider as chief executive after founder Uday Kotak’s tenure ends in December.
“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," the bank said in a media statement.
On Monday, Bloomberg reported that RBI is “nudging Kotak Mahindra Bank Ltd to select someone outside the lenders’ ranks to succeed Uday Kotak as the next chief executive officer".
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