MUMBAI: Kotak Mahindra Bank said on Wednesday that the RBI has approved the appointment of C.S. Rajan, Independent Director of the bank, as the Part-time Chairman, for a period of two years with effect from January 1, 2024.

Rajan was appointed as an Independent Director on the Board of the Bank, with effect from October 22, 2022.

"I am deeply 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," Rajan said.

Bank's Managing Director & CEO, Dipak Gupta said: "We would like to congratulate Mr. C S 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."