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Uday Kotak steps down as MD and CEO of Kotak Mahindra Bank

Kotak Mahindra Bank’s managing director and chief executive officer, Uday Kotak, resigned with effect from September 1.

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Kotak Mahindra Bank’s managing director and chief executive officer, Uday Kotak, resigned with effect from September 1.

The bank has said that as an interim arrangement, Dipak Gupta, the joint managing director will perform the duties of the managing director and CEO until December 31, subject to the approval of the RBI and the members of the bank.

Uday Kotak said he is stepping down to facilitate the succession plan at the bank in a communication on social media on Saturday.

Kotak will continue as a non-executive director of the bank. Uday Kotak’s tenure as the chief executive officer and managing director of the bank ends on December 31, 2023.

Uday Kotak said on X that the chairman of the bank, Joint MD and including himself to step down by year-end. He said the succession at Kotak Mahindra Bank has been foremost on his mind. He is keen to ensure a smooth transition by sequencing these departures. He initiated this process now and stepped down voluntarily as CEO, Kotak said.

Kotak said the bank awaits RBI approval of the proposed successor and as an interim his colleague Dipak Gupta, currently Joint MD, will function as MD & CEO, subject to approvals.

He further said that he is deeply attached to the brand Kotak as he is the founder of the bank and he will continue to serve the institution as a Non-Executive Director and significant shareholder. He said that having an outstanding management team to carry the legacy forward. Founders go away, but the institution flourishes into perpetuity, Uday Kotak said.

Uday Kotak stated that JP Morgan and Goldman Sachs dominate the financial world and dreamed of creating such an institution in India. He further said that it is with this dream that he started Kotak Mahindra 38 years ago, with 3 employees in a 300 sqft office in Fort, Mumbai. He had deeply cherished every bit of this memorable journey and lived his dream.

India News

India summons Ukrainian envoy after ships with Indian crew attacked in Black Sea

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India has summoned the Ukrainian Ambassador after two merchant vessels carrying Indian crew were attacked in the Black Sea, raising concerns over the safety of Indians working in the conflict zone.

The Ministry of External Affairs (MEA) described the incidents as a matter of serious concerns and conveyed India’s position directly to the Ukrainian envoy.

According to the MEA, the attacks took place amid the ongoing Russia-Ukrainian war, where commercial shipping has increasingly come under threat due to military operations. Although no deaths have been reported, several Indian seafarers were on board the affected vessels, prompting the government to seek immediate clarification from Ukraine and stress the need to ensure their safety.

During the meeting, the MEA reiterated that merchant ships engaged in commercial trade and civilian crew members must not become targets during armed conflict. India urged Ukraine to take all possible steps to prevent such incidents and to uphold international maritime law, which protects civilian shipping operating in international waters.

The ministry said it is in constant contact with Indian missions abroad, shipping companies, and maritime authorities to monitor the condition of Indian crew members. Officials have assured that diplomatic and consular assistance for the crew.

The attack have once again highlighted the dangers faced by thousands of Indian seafarers employed on international cargo vessels operating in conflict-affected regions. The continuing war has disrupted shipping routes in the Black Sea, creating risks for commercial trade and the safety of multinational crews.

The latest diplomatic move reflects India’s consistent position on the Russia-Ukraine conflict. While maintaining relations with both countries, India has repeatedly called for dialogue, a peaceful resolution to the conflict, and the protection of civilians and commercial vessels under international law.

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India News

Barring emergency vehicles, Delhi-Haridwar highway to be shut for traffic from August 4 to 12 for Kanwar Yatra

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The Delhi-Haridwar highway will be closed for all vehicular traffic from August 4 to August 12 to ensure the smooth and safe conduct of the Kanwar Yatra.

The decision was jointly taken by Delhi Police, Uttar Pradesh Police and Uttarakhand Police after assessing security arrangements and traffic management plans.

The restrictions have been imposed as lakhs of Kanwariyas are expected to travel to collect water from the Ganga in Haridwar and other pilgrimage centres before returning to their hometowns.

Traffic restrictions on key stretches of the highway will impact most private and commercial vehicles. Emergency vehicles including ambulances, fire services and police vehicles will be allowed to operate. The authorities have issued diversion plans for vehicles moving from Delhi, Uttar Pradesh, Uttarakhand and adjoining states.  

The restrictions are necessary, officials said, because of the huge number of pilgrims. The objective is to ease traffic congestion, avoid accidents and ensure safe movement of devotees. 

Police have advised commuters to avoid the Delhi-Haridwar route during the restricted period and to use alternate highways wherever possible. According to the traffic advisory, transport operators have been asked to change their travel schedules. The route will have extra police, traffic wardens and surveillance teams to monitor the movement of vehicles and control the crowds.                               

The Kanwar Yatra is one of the biggest annual religious pilgrimages in North India that draws lakhs of devotees from Delhi, Uttar Pradesh, Haryana, Rajasthan, Punjab and other states. Every year, special traffic arrangements are made to manage the huge inflow of pilgrims travelling on foot and in designated vehicles.

Officials are busy making last minute preparations for the yatra, including security checks, medical camps, temporary shelters and help centres along the route. Commuters are advised to follow official traffic advice and plan journeys in advance to avoid delays. The restrictions will continue till August 12, after which normal movement of traffic is likely to resume on the Delhi–Haridwar highway.

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Dhanush’s call for public service fuels speculation on entry into politics

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Tamil actor Dhanush has sparked political rumours after urging his fan clubs to focus on public service and “find a purpose” beyond celebrating his films during a blood donation camp in Chennai.

While his remarks triggered widespread discussion online, the actor hasn’t formally announced his political entry.

Addressing members of his fan associations, Dhanush encouraged them to channel their collective strength towards welfare initiatives that could positively impact society. He urged his supporters to identify the needs of people in their local communities and extend help wherever possible, saying he wanted his fans to be known for their service rather than just their support for his films.

The speech quickly gained attention on social media, with several users drawing comparisons between Dhanush and actor-politician Vijay, whose fan clubs had similarly expanded their welfare activities before he formally entered politics. Many online users interpreted Dhanush’s emphasis on organised social work as a possible indication of future political ambitions.

Dhanush did not make any reference to joining politics or launching a political outfit during his address. His speech remained focused on encouraging fans to undertake blood donation drives, charitable work and other community welfare initiatives.

The actor’s fan clubs have long been involved in social service activities, including relief work, blood donation camps and assistance during natural disasters. His latest remarks have, however, brought back online discussions over whether he could eventually follow the path taken by Vijay and several other Tamil cinema personalities who entered public life.

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