Kotak Mahindra Bank announced a significant leadership change as Chief Operating Officer and Chief Technology Officer Milind Nagnur tendered his resignation, citing personal reasons. According to a company filing dated January 3, 2025, Nagnur plans to relocate to the United States to care for his family members.
Nagnur’s resignation comes into effect on February 15, 2025. The bank has implemented an interim structure to ensure uninterrupted operations during this transition.
The resignation follows a challenging year for Kotak Mahindra Bank in terms of its digital operations. In April 2024, the Reserve Bank of India (RBI) imposed a ban on the bank, restricting it from onboarding new customers through its online and mobile platforms and issuing fresh credit cards. The regulator cited “serious deficiencies and non-compliances” in IT inventory and user access management as the primary reasons for the embargo.
Ashok Vaswani, Kotak Mahindra Bank’s Managing Director and CEO, stated in October 2024 that resolving the RBI-imposed embargo is his top priority. He highlighted the development of a new digital banking app, currently in its beta version, designed to enhance customer experience and ensure compliance. Vaswani acknowledged that the RBI’s intervention has accelerated the bank’s focus on improving its technology infrastructure.
