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There is a big news related to Kotak Mahindra Bank. Kotak Mahindra Bank on Saturday announced that the Reserve Bank of India (RBI) has approved the appointment of Ashok Vaswani as the bank’s Managing Director and CEO. Vaswani’s appointment has been approved for a period of 3 years. Ashok Vaswani has been appointed after veteran banker Uday Kotak resigned from his post last month.
The appointment will be effective from the date of assuming charge
The appointment is effective from the date of assuming charge, Kotak Mahindra Bank said in a regulatory filing. The date of charge will not be later than January 1, 2024. Ashok Vaswani has a long experience as a banker. Uday Kotak, Founder and Director, Kotak Mahindra Bank said, ‘I am very happy that the Reserve Bank has approved our recommendation of Ashok Vaswani as the next Managing Director and CEO of Kotak Mahindra Bank. Ashok is a world class leader and digital, customer centric banker.
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A profit of Rs.3191 crore in the September quarter
Private sector Kotak Mahindra Bank has said its standalone net profit for the September quarter of the current financial year rose 24 per cent to Rs. 3191 crore has been made. The jump in the bank’s profit came on the back of improved core income and lower bad loans. Kotak Mahindra Bank in September quarter of last year Rs. 2581 crore profit was made. Kotak Mahindra Bank’s total revenue for July-September 2023 quarter increased to Rs. 13507 crore, which in the same period a year ago was Rs. 9925 crores. The bank’s net interest income rose 23% to Rs 6,297 crore in the September 2023 quarter.
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