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Kotak Mahindra Bank is redoubling its efforts on the tech front, and winning back trust is the "top priority” for the lender now.
At the time of the announcement, Manian said that he was tendering his resignation from Kotak Mahindra Bank to pursue other opportunities in the financial services sector that he is currently exploring. Manian also stepped down from his position on the board of the bank.
KVS Manian resigned as the Joint Managing Director of Kotak Mahindra Bank, effective immediately. He had been re-designated to this position on March 1, 2024. In his resignation letter, Manian cited his decision to pursue other opportunities in the financial services sector. He expressed gratitude for his time with Kotak Mahindra Bank and highlighted his contributions to the group's success, particularly in expanding its retail banking division. Manian, an electrical engineer from IIT BHU Varanasi, joined the bank in 1995 and played a crucial role in its transformation from an NBFC to a full-f...
The Reserve Bank of India (RBI) has imposed strict restrictions on Kotak Mahindra Bank, a third-most valued private bank in India, for failing to fix its IT systems over the past two years. The bank was asked to stop functions cited "with immediate effect" and assured customers that there would be no interruption to services. Kotak Mahindra Bank has taken measures to strengthen its IT systems and will continue to work with the RBI to resolve balance issues at the earliest.
The Reserve Bank of India (RBI) barred Kotak Mahindra Bank from signing up new customers through its online and mobile banking channels, and issuing fresh credit cards, among the toughest curbs imposed on a scheduled bank.