Kotak Mahindra Bank's joint MD KVS Manian resigns

In wake of RBI directive: Private lender Kotak Mahindra Bank on Tuesday said that KVS Manian has resigned as Joint Managing Director. In a statement issued, Kotak Mahindra Bank said it has informed the exchanges that KVS Manian, Whole Time Director designated as Joint Managing Director has stepped down from his position to pursue other opportunities in the Financial Services sector.   

The Board has accepted his resignation with immediate effect, the statement added. “Leveraging its strong leadership strength, the Bank announced a new reporting structure to drive a sharper focus and leadership oversight to its business,” the Kotak Mahindra Bank statement further added. 

Notably, the Reserve Bank of India (RBI), in its announcement on Wednesday, directed Kotak Mahindra Bank, India's fourth-largest lender by market value, to cease acquiring new customers through its online and mobile banking platforms, as well as refrain from issuing new credit cards. This stern action was attributed to IT-related deficiencies identified within the bank's operations.
The wholesale, commercial and private bank will now report directly to Ashok Vaswani, Managing Director & CEO, while the Asset Reconstruction Division will report to Shanti Ekambaram, Deputy Managing Director, the statement added.  “Shanti will also oversee the Investment Banking and Institutional Equities businesses,” it added. 
Commenting on the development, Ashok Vaswani, MD & CEO, Kotak Mahindra Bank said: “Manian has spent over 29 years at Kotak and we are thankful to him for his association and we wish him well in his future endeavours. We are confident of the strong leadership talent at Kotak and our ability to scale our businesses to the next level in times to come.”