Statements in the story: “India’s banking regulator is nudging Kotak Mahindra Bank Ltd to select someone outside the lender’s ranks…to succeed Uday Kotak as the next Chief Executive Officer…The Reserve Bank of India has conveyed its view to board members of Kotak Mahindra Bank…The regulator is also reviewing whether stakes the banking group holds in two wholly-owned insurance units pose any risks to the firm’s stability, the people said”, are completely incorrect and baseless.

We would like to state that there is no communication, formal or informal, from RBI to Kotak Mahindra Bank or its Board members on CEO succession.

Further, the Bank holds all regulatory approvals including from RBI for its stake in its insurance subsidiaries and has not received any formal or informal communication to the contrary.