Kotak Mahindra Bank Ltd. announced Dr. Shankar Acharya part time Chairman, will retire on 19 July 2018. He is not seeking reappointment as he has completed 70 years of age. He has been director of the bank since May 2003 and part time chairman since July 2006.

The board of directors appointed MR. Prakash Apte as part time Chairman of the bank and the board of directors has re-designated MR. Uday Kotak as Managing Director & CEO with effect from 1 May 2018.