India central bank, the Reserve Bank of India (RBI) has asked the promoters of Kotak Mahindra Bank, Uday Kotak to reduce their stake in the bank to 20 percent by March, 2018 from the present 45.21 percent.

“The RBI has advised the bank that the promoters’ shareholding, now at 45.21 percent, be brought down to 20 percent by March 31, 2018,” Kotak Mahindra Bank said in a press statement. The bank also said that it might be directed to reduce the promoter’s stake to 10 per cent in the bank.