Kotak Mahindra Bank Limited announced that Dr. Shankar Acharya, part-time Chairman of the Bank, will retire on 19 July 2018. The Board of Directors of the Bank at its meeting held on 30th April 2018, appointed Mr. Prakash Apte as part-time Chairman of the Bank post Dr. Acharya's retirement for a period up to 31st December 2020, subject to regulatory and shareholder approvals. the Bank has received the approval of the Reserve Bank of India for appointment of Mr. Prakash Apte as part-time Chairman of the Bank with effect from 20 July 2018 up to 31 December 2020. The Board of Directors of the Bank has now appointed Mr. Uday Khanna as the Chairman of the Audit Committee of the Bank with effect from 20 July 2018 in place of Mr. Prakash Apte who is currently the Chairman of the Audit Committee. Post the retirement of Dr. Acharya, Mr. C. jayaram, has been appointed as a member of the Nomination and Remuneration Committee of the Bank.