Kotak Mahindra Bank’s COO and CTO Milind Nagnur resigns, cites personal reasons
The bank in exchange filings confirmed that Nagnur had stepped down due to personal reasons, with plans to relocate to the United States to care for family members.
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Kotak Mahindra Bank announced the resignation of its Chief Operating Officer (COO) and Chief Technology Officer (CTO), Milind Nagnur. As per the company, the resignation is effective from February 15, 2025. In a filing submitted to the stock exchanges, the bank confirmed that Nagnur had stepped down due to personal reasons, with plans to relocate to the United States to care for family members.
Nagnur, who has been with the bank for a significant period, expressed his decision to resign in a letter dated January 3, citing his family responsibilities as the key factor behind his departure. Kotak Mahindra Bank added that an interim leadership structure had been put in place to ensure continuity in operations during this transition period.
Milind Nagnur’s departure comes at a critical time for Kotak Mahindra Bank, which has been grappling with regulatory challenges. In April 2024, the Reserve Bank of India (RBI) had imposed a ban on the bank, barring it from onboarding new customers via its online and mobile banking channels, as well as from issuing new credit cards. The RBI’s action was based on findings of serious deficiencies in the bank's IT inventory and user access management.
Kotak Mahindra Bank’s Managing Director and CEO, Ashok Vaswani, had previously highlighted that addressing the embargo and ensuring the bank's compliance with RBI’s directives was a top priority. Speaking to Moneycontrol in October 2024, Vaswani stressed that the bank was working diligently to resolve the regulatory issues. He also mentioned that the bank's new mobile app, currently in beta testing, was designed to enhance the customer experience once the ban is lifted.
“RBI is telling us to make sure we do right by the customer. There are different ways of getting there. It could be bans or fines. Right now, they’re going down the ban way. Did it light a fire under us; it surely did. I am spending a lot of my time on this technology issue,” Vaswani had stated.
The bank has since focused on making necessary improvements in its digital infrastructure, with hopes that the restrictions will be lifted once compliance is fully ensured. Kotak Mahindra Bank aims to leverage its strengthened digital capabilities for customer acquisition in the future.
