Kotak Mahindra Bank revealed that the Reserve Bank of India (RBI) has granted approval for the appointment of C S Rajan as the part-time Chairman. Currently, he holds the position of an Independent Director at the Bank.
This appointment is effective from 1 January 2024, and is slated to last for a period of two years, the private lender said in an official statement.
An IAS officer of the 1978 batch, he retired as Chief Secretary of the Government of Rajasthan in the year 2016 and later assumed the role of Independent Director on the Bank’s Board starting from 22 October,2022.
Throughout his professional journey, Rajan occupied key leadership roles for 12 years across vital infrastructure sectors such as Energy, Highways, Water Resources, and Industry, which also included SSI/MSME. Furthermore, he lent his expertise to the domains of Agriculture and Rural Development for a span of 14 years.
“I am deeply humbled and honoured to accept the appointment as Chairman of the Bank and thank the Board for entrusting me with the responsibility to steer the Bank to new heights and increase stakeholder value,” Rajan said.
In October 2018, Rajan was appointed by the Government of India to the Board of Infrastructure Leasing and Financial Services Limited (IL & FS). Initially taking on the position of Director, he later took on the responsibilities of Managing Director for three and a half years, followed by a year as Chairman & Managing Director. Afterward, he transitioned to the role of Non-Executive Chairman of IL & FS.
“We thank Mr. Prakash Apte for his contribution to the Bank, first as an Independent Director and subsequently as the Chairman of the Bank’s Board. We would like to congratulate Mr. C S Rajan on his appointment as Chairman of the Bank’s Board. We are confident that the Bank will benefit immensely from Mr. Rajan’s guidance for its next phase of growth,” said Dipak Gupta, Managing Director & CEO, Kotak Mahindra Bank.