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The Reserve Bank of India (RBI) has approved the appointment of C S Rajan as the part-time Chairman of Kotak Mahindra Bank for a period of two years, effective 1 st January 2024.
The incumbent part-time Chairman, Prakash Apte’s term expires on 31st December 2023, per the Bank’s statement.
Rajan was appointed as an Independent Director on the Board of the Bank, with effect from 22nd October 2022. An IAS officer of 1978 batch, he retired as Chief Secretary of the Government of Rajasthan in the year 2016.
He served in leadership roles for 12 years in key Infrastructure sectors such as Energy, Highways, Water Resources and Industry including SSI/MSME and worked for 14 years in Agriculture and Rural Development, the Bank said.
In October 2018, Rajan was appointed by the Government of India on the Board of Infrastructure Leasing and Financial Services Limited (IL & FS) initially as Director, thereafter as Managing Director for a period of three and half years, then as Chairman & Managing Director for a year and, since then, he has been serving as the Non-Executive Chairman of IL & FS.
Apte said, Rajan’s expertise across sectors vital to India’s future, including infrastructure, roads, energy, agriculture & rural development, industry and commerce will bring a fresh perspective to the deliberations and contribute to the Bank’s growth.
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