His appointment will be in effect from 1 May 2018. He was earlier appointed as earlier executive Vice Chairman and Managing Director.
“The Board of Directors has re-designated Mr. Uday Kotak as Managing Director and CEO with effect from 1 May 2018, in line with good governance practice,” said the bank.
He was the only banker among the private sector banks to have a Vice Chairman designation. All others are appointed as MD and CEO.
In 2015, IDFC Bank proposed the appointment of Rajiv Lall as Vice Chairman and Managing Director. The bank, however, changed it to MD and CEO, as directed by the Reserve Bank of India (RBI).