RBI told promoters to hold at least 49% of the banks paid up capital for a period of five years. Kotak Mahindra Bank didn't realise that it had to cut down the shareholding. The bank and the regulator exchanged more than 35 letters debating the reduction of promoter's take between 2008 and 2018. But in 2018, things finally reached a tipping point when the RBI wanted the promoter's take to be cut to 20%. And that was the final straw.
Uday Kotak is stepping down as the boss of Kotak Mahindra Bank at the end of this year. But the drama has already begun.
What do we mean?
Well, that’s what we’re going to find out in today’s episode for 2nd August 2023.
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