The Reserve Bank has approved the appointment of Dipak Gupta as interim Managing Director and CEO of Kotak Mahindra Bank for two years. RBI is expected to decide on the bank's full-time MD during two years.

The interim appointment has come following the resignation of Uday Kotak who announced his resignation in a heartfelt handwritten letter addressed to the bank's chairman, Prakash Apte on September 2. He announced his resignation around four months ahead of his term.

Before taking over as an interim MD, Gupta has been working as joint managing director since January 2012.

He comes with over three decades of experience in the financial services sector, nearly two and half decades of which had been with the Kotak Group.

Prior to joining the Kotak group in 1992, Gupta worked with the consultancy division of A.F. Ferguson. He is an Electronics Engineering graduate from IIT, Varanasi, and a post-graduate in Management from the Indian Institute of Management, Ahmedabad (IIM-A).