An important change for Kotak Mahindra Bank happened recently when the Reserve Bank of India (RBI) approved the hiring of C.S. Rajan as the part-time Chairman of the bank.

Rajan will take office on January 1, 2024, and his term will last for two years.

RBI

Changes in leadership: Prakash Apte’s term is over

A statement from Kotak Mahindra Bank says that the current part-time Chairman, Prakash Apte, will step down on December 31, 2023. This is when the choice was made.

The bank recognizes Apte’s achievements during his time there and welcomes C.S. Rajan to lead the way.

How Rajan Got From Being an Independent Director to Chairman

The first time C.S. Rajan worked with Kotak Mahindra Bank was on October 22, 2022, when he was hired as an Independent Director on the Board.

Rajan is a former officer from the 1978 batch of the Indian Administrative Service (IAS). From 2012 to 2016, he was the Chief Secretary of the Government of Rajasthan.

A History of Leading in Building and Fixing Things

Rajan has been a leader in key infrastructure sectors for many years, through a career that spans several decades.

He played important roles in Energy, Highways, Water Resources, and Industry, including Small Scale Industries (SSI) and Micro, Small, and Medium Enterprises (MSMEs), for 12 years.

He also worked for 14 years on Agriculture and Rural Development, which shows how committed he is to the overall growth of many areas.

Picked by the government for important roles: IL and FS Stint

In October 2018, Rajan was named by the Indian government to the Board of Infrastructure Leasing and Financial Services Limited (IL & FS).

This was a big deal. He started out as a Director and then became the Managing Director for three and a half years. After that, he was Chairman and Managing Director for a year before becoming the Non-Executive Chairman of IL & FS, which is his current job.