Kotak to take non-exec role after leaving MD post in Dec

Transition is a move to nurture a world-class institution, says Kotak Mahindra Bank founder

- Gopika Gopakumar

Billionaire banker Uday Kotak, the founder of India's fourth largest private sector lender, will transition to a non-executive board member after he steps down from the whole-time role at Kotak Mahindra Bank.

In his final letter to shareholders as managing director on Saturday, Kotak said that the alignment and commitment of the shareholders, board and management will help the bank navigate the changing times.

"I see my role as a non-executive board governance member and a strategic shareholder with a long-term perspective of nurturing a world-class institution," Kotak said in his letter.

He said it is unusual in today's world of banking anywhere to have an individual with "about 26% skin in the game with disproportionate family assets in one stock, emotionally attached to living his dream of making India proud".