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India's Kotak Mahindra Bank said on Friday that the Reserve Bank of India has approved the appointment of Dipak Gupta as the interim managing director and CEO for two months.

Gupta's appointment is effective after the RBI's approval.

The appointment comes after billionaire Uday Kotak, who founded and led Kotak Mahindra, resigned as the managing director and CEO earlier this month, before the end of his term in December.

Kotak's early exit from the country's fourth-largest bank is due to personal reasons, as per the lender, but analysts said it will quell concerns that his presence will loom large over his successor.

India's banking regulation limits the tenure of lenders' CEOs to 12 years if they are also large shareholders.

The bank has sent recommendations for its next full time MD to the RBI and is awaiting approval, it said, without disclosing details, adhering to RBI norms.