In a significant development, Kotak Mahindra Bank Limited announced on Wednesday that the Reserve Bank of India (RBI) has given its approval for the appointment of CS Rajan as the Part-Time Chairman of the bank’s Board, effective from January 1, 2024. This appointment comes as the successor to Prakash Apte, the incumbent Part-Time Chairman, whose term concludes on December 31, 2023.
CS Rajan, an Independent Director of the bank since October 2022, brings with him a wealth of experience spanning over 40 years across various government portfolios. A retired Indian Administrative Service (IAS) officer of the 1978 batch, he served as the Chief Secretary of the Government of Rajasthan until 2016. The bank’s announcement highlighted his extensive leadership roles in key infrastructure sectors such as energy, highways, water resources, industry, small-scale industries, and micro, small, and medium enterprises (SSI/MSME). Additionally, he accumulated 14 years of experience in agriculture and rural development, showcasing a diverse and comprehensive background.
During his 38 years in the IAS, CS Rajan played pivotal roles in human resources, finance, and general administration. His expertise extends beyond national borders, as he participated in interdisciplinary teams reviewing World Bank projects in various states. Furthermore, he served as a consultant to the World Bank in a study focused on ‘Farmer Participation in Agricultural Research and Extension System.’
After retiring from active service in July 2016, CS Rajan continued his public service by serving as the Deputy Chairman in the Chief Ministers’ Advisory Council of Rajasthan for two and a half years. In October 2018, the Government of India appointed him to the Board of Infrastructure Leasing and Financial Services Limited (IL & FS). His journey in IL & FS includes roles such as Director, Managing Director, Chairman & Managing Director, and currently, he serves as the Non-Executive Chairman.
Prakash Apte, the outgoing Non-Executive Independent Part-Time Chairman of Kotak Mahindra Bank, expressed satisfaction at the regulatory approval for CS Rajan’s appointment. Apte praised Rajan’s wealth of experience across critical sectors vital to India’s future, including infrastructure, roads, energy, agriculture, rural development, industry, and commerce. Apte anticipates that Rajan’s fresh perspective will contribute significantly to the bank’s growth trajectory.
Dipak Gupta, Managing Director & CEO of Kotak Mahindra Bank, acknowledged Prakash Apte’s contributions to the bank during his tenure as an Independent Director and subsequently as the Chairman of the Board. Gupta extended his gratitude to Apte and conveyed confidence in CS Rajan’s ability to guide the bank through its next phase of growth. The CEO highlighted the immense benefit the bank expects from Rajan’s guidance.
In response to his appointment, CS Rajan expressed deep humility and honor. He thanked the Board for entrusting him with the responsibility to lead the bank and contribute to its growth. Rajan looks forward to working collaboratively with the Board and the entire team to steer the bank to new heights and enhance stakeholder value.
The appointment of CS Rajan marks a pivotal moment for Kotak Mahindra Bank, signifying a strategic leadership transition. As he assumes the role of Part-Time Chairman, Rajan’s diverse experience in both government service and the private sector positions him to navigate the complex landscape of the banking industry. The bank, under his leadership, is poised to embark on a new chapter, leveraging Rajan’s expertise to drive innovation, foster growth, and meet the evolving needs of its stakeholders.