Kotak Mahindra Bank declared that Milind Nagnur, who was the bank's chief technology officer (CTO) and chief operating officer (COO), had resigned for personal reasons. The date of his resignation is February 15, 2025.
Nagnur wrote in his letter of resignation that he plans to move to the US to take care of family.
"To ensure smooth functioning, the bank has implemented an interim technology organization structure," the bank stated in an exchange notification released after market hours on Friday.
On August 2, 2022, Nagnur became President and CTO of KMB, where he oversaw the bank's "technological transformation." He has over 20 years of international experience in technology leadership positions, primarily in the Fintech and banking industries.
His resignation comes as the Reserve Bank of India (RBI) has prohibited KMB from issuing new credit cards and onboarding new customers through its online and mobile banking channels due to the company's failure to develop IT systems and controls that are in line with its growth, which has resulted in significant shortcomings and non-compliance with regulatory requirements. The action has had a significant effect on the bank's growth and credit card operations.
