Kotak Mahindra Bank (KMB), one of the leading private sector lenders, on December 14 said the RBI has approved the re-appointment of Uday Kotak as managing director of the bank for a further period of three years. The private sector lender also approved the appointment of part-time chairman Prakash Apte for three years.

"The Reserve Bank of India (RBI) has vide its letter dated Dec. 14, 2020, granted approval for the re-appointments of Prakash Apte as Part-time Chairman; Uday Kotak as MD & CEO; and Dipak Gupta as Joint MD for a period of 3 years, with effect from Jan. 1, 2021," the bank said on Monday.

It may be noted that the board of the bank and the shareholders had approved these re-appointments, subject to the approval of the RBI, at their respective meetings held on May 13, 2020, and Aug. 18, 2020, the bank said.

Shares of Kotak Mahindra Bank  are trading at Rs 1,944.55, down Rs 5.9, or 0.30%  at the Bombay Stock Exchange (BSE) on Wednesday at 1:39 p.m.

The scrip has touched an intra-day high of Rs 1,964.10 and low of Rs 1,937. The total volume of shares traded at the BSE is 193,761.In the earlier session, the shares rose 0.53%, or Rs 10.3, at Rs 1,950.45.

Currently, the stock is trading down 0.69% from its 52-week high of Rs 1,964.10  and above 94.39% over the 52-week low of Rs 1,000.35.