MUMBAI: Kotak Mahindra Bank, which is under serious regulatory curbs since April last year for not fortifying its tech-architecture and has been banned from any online/mobile app-based services, has said Milind Nagnur, its chief technology officer who is also its chief operating officer, has resigned from the bank.
This is the second senior-level resignation from the bank after the new CEO, Ashok Vaswani, was chosen by the RBI in January 2024 to replace founder Uday Kotak who resigned 15 months before his term was to end.
Early May last year, KVS Manian, who was with the bank since the beginning and a right hand of Uday Kotak, had called it quits with immediate effect and he joined the Federal Bank as CEO from September.
In an exchange filing on Friday, the bank said Nagnur’s resignation letter dated January 3 says his last day at the bank will be February 15. An interim structure has been put in place at the bank to ensure smooth functioning, it added.
Nagnur, who cited personal reasons for his departure, has said in the resignation that he planned to move back to the US to care for family members.
In April 2024, the Reserve Bank had barred the bank from onboarding new customers through its online and mobile banking channels, as well as from issuing fresh credit cards. The regulator had observed “serious deficiencies and non-compliances” for more than a year in the bank’s IT inventory and user access management, among other things.