Kotak Mahindra Bank will see exit of another senior official as Virat Diwanji, group president and head of consumer banking, will step down on July 31. After his exit, the consumer banking division will be dissolved and restructured into three distinct verticals.
“Virat Diwanji will cease to be the group president and head – consumer bank and a member of the group management council (senior management personnel) on account of his superannuation on July 31, 2024,” said the lender in a filing with the BSE on Wednesday.
Effective August 1, 2024, the consumer banking division will be restructured into three verticals – consumer products, distribution and propositions. This new structure is designed to better serve the customers and drive the ambition of becoming the go-to financial services organisation, the filing said.
Ambuj Chandna, who is currently the president of consumer assets, will take over as president of consumer products. This vertical will focus on overall products and liabilities. Pranav Mishra will be the president of distribution and will be responsible for branch banking and ATM networks. Rohit Bhasin, currently the chief marketing officer, will take over as the president of the propositions vertical.
“Ambuj Chandna, Pranav Mishra and Rohit Bhasin will lead the three pillars, respectively. We are confident in their ability to drive growth and innovation in their new roles,” said a spokesperson of Kotak Mahindra Bank.
Earlier this month, Kotak Mahindra Bank had unveiled its new distribution structure as part of its growth strategy. The new structure integrates the physical branch network, digital branch channel (encompassing mobile banking and net banking platforms) and the voice channel. The teams responsible for these three sections will report to Mishra, streamlining operations and driving customer-centric initiatives forward.
“Virat Diwanji, head of consumer bank, will be retiring on July 31, 2024, after over two decades of exemplary service. His leadership and contributions have been instrumental in shaping our consumer bank,” said the lender.
Diwanji’s departure from Kotak Mahindra Bank is the second recent exit of a senior official as KVS Manian had stepped down from the post of joint managing director on April 30 this year. He will take charge as the MD and CEO of Federal Bank from September 23, 2024.
