Central Government hereby declare that the provisions of sub-clause (i) of clause (c) of sub-section (1) of Section 10 of Banking Regulation Act, 1949 shall not apply to Kotak Mahindra Bank Limited- (Ministry of Finance ) (01 Oct 2019)

MANU/FNSV/0034/2019

Banking

In exercise of the powers conferred by sub-section (1) of section 53 of the Banking Regulation Act, 1949, the Central Government, on the recommendation of the Reserve Bank of India, hereby declare that the provisions of sub-clause (i) of clause (c) of sub-section (1) of section 10 of the said Act shall not apply to Kotak Mahindra Bank Limited in so far as it relates to its Managing Director and Chief Executive Officer Shri Uday Kotak being on Board of Infrastructure Leasing and Financial Services Limited as its Non-executive Director for a period up to the 2nd day of October, 2020.

Tags : PROVISIONS NON APPLICABILITY KOTAK MAHINDRA BANK