In a significant development for Kotak Mahindra Bank, the private lender’s joint Managing Director (MD), KVS Manian, has stepped down from his position with immediate effect. Manian, a stalwart with over three decades of experience within the bank, announced his departure shortly after the Reserve Bank of India (RBI) imposed stringent restrictions on the institution’s operations, including a halt on issuing new credit cards due to technological deficiencies.
Manian’s resignation follows a recent shuffle in the bank’s management, where he was promoted earlier this year. However, his sudden departure has left the industry speculating about the underlying reasons, especially amidst the regulatory challenges faced by Kotak Mahindra Bank.
In his resignation letter to the private lender, Manian said, “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.”
To fill the void, Kotak Mahindra Bank announced strategic changes in its leadership structure. Deputy MD Shanti Ekambaram will now oversee crucial sectors including investment banking, institutional equities, and asset reconstruction, previously managed by Manian. Meanwhile, the newly appointed MD and CEO, Ashok Vaswani, will directly supervise the wholesale, commercial, and private banking divisions.
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Vaswani expressed confidence in the bank’s robust leadership bench and its capacity to navigate challenges while steering the institution towards growth. He acknowledged Manian’s extensive contributions to Kotak Mahindra Bank over the years and extended well wishes for his future endeavors.
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