Mumbai: Uday Kotak has stepped down from the position of managing director (MD) & chief executive officer (CEO) of Kotak Mahindra Bank effective 1 September, the bank mentioned in a BSE filing on Saturday.

His resignation was accepted at a board meeting held by the bank on Saturday. Uday Kotak is now a non-executive director of the bank.

In the interim, the joint managing director, Dipak Gupta, will carry out the duties of the MD and CEO until 31 December, subject to the approval of the Reserve Bank of India (RBI) and the members of the bank.

Uday Kotak is the founder and promoter of the bank and has been the MD and CEO of Kotak Mahindra Bank Limited (earlier known as Kotak Mahindra Finance Limited) since 1 August 2002. He has played a significant role in the institution's growth over the past 38 years.