Kotak Mahindra Bank joint managing director KVS Manian has resigned with immediate effect, ending his three-decade long association with the private lender.“I hereby tender my resignation from the services of Kotak Mahindra Bank for pursuing other opportunities in financial services, that I am exploring. Consequently, I would also step down from the board of the bank,” Manian said in his resignation letter.
The bank’s board has accepted his resignation, the bank said in a statement.In his 29-year long association with the group, Manian led various businesses including consumer, commercial, wholesale and private banking businesses. He also played a key role in expanding the retail footprint by increasing branch network to 600 and ATM count to 1,000 in 10 years. Manian was redesignated as the bank’s new joint MD on March 1, 2024.His departure comes at a time when the bank is facing regulators’ ire for outages in digital banking services.
The Reserve Bank of India (RBI) on April 24 barred the bank from onboarding new customers and issuing fresh credit cards via the digital route.“Manian has spent over 29 years at Kotak and we are thankful to him for his association and we wish him well in his future endeavours. We are confident of the strong leadership talent at Kotak and our ability to scale our businesses to the next level in times to come,” Ashok Vaswani, MD & CEO, Kotak Mahindra Bank, said.
The bank announced a new reporting structure to drive a sharper focus and leadership oversight to its business. The wholesale, commercial and private bank will now report directly to Ashok Vaswani, MD & CEO, while the asset reconstruction division will report to Shanti Ekambaram, deputy MD. Shanti will also oversee the investment banking and institutional equities businesses.