Kotak Mahindra Bank has announced the resignation of its Chief Operating Officer (COO) and Chief Technology Officer (CTO), Milind Nagnur, effective February 15, 2025.
The bank disclosed that Nagnur’s decision to step down was due to personal reasons, as he plans to move to the United States to support his family.
A Long-Serving Executive
Nagnur, a long-serving executive at the bank, made his resignation official through a letter dated January 3, where he cited family commitments as the primary reason for his departure. In response, Kotak Mahindra Bank has implemented an interim leadership structure to maintain operations during this transition.
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This resignation comes at a challenging time for Kotak Mahindra Bank, which has been dealing with regulatory hurdles. In April 2024, the Reserve Bank of India (RBI) imposed restrictions on the bank, barring it from acquiring new customers through its digital and mobile banking platforms, and preventing the issuance of new credit cards. The RBI’s decision followed concerns about the bank’s IT systems and user access controls.
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Resignation Comes at a Pivotal Time for the Bank
Ashok Vaswani, the bank’s Managing Director and CEO, has previously emphasized that addressing the regulatory issues and ensuring compliance with the RBI’s guidelines were top priorities. In an interview with Moneycontrol in October 2024, Vaswani mentioned that the bank was actively working on resolving the issues and was looking forward to the launch of its new mobile app, which is currently undergoing beta testing, aimed at improving customer experience once the restrictions are lifted.
