Kotak Mahindra Bank's Joint Managing Director K V S Manian Steps Down

Kotak Mahindra Bank's Joint MD, K.V.S. Manian, has resigned after three decades of service, effective immediately. His departure follows RBI-imposed restrictions on the bank due to technological deficiencies.

Kotak Mahindra Bank's joint managing director K V S Manian, a stalwart of the private sector lender, has resigned from his position, the bank announced on Tuesday. Manian, who has dedicated nearly three decades to the institution, was elevated to his role as part of a management reshuffle in January. His departure comes following the RBI's imposition of severe business restrictions on the bank, including a halt on issuing new credit cards due to deficiencies in its technological infrastructure, news agency PTI reported.

In a statement released by the bank, it was confirmed that Manian, who had overseen various sectors including consumer, commercial, wholesale, and private banking, has resigned with immediate effect. However, the statement did not provide any information regarding Manian's future plans or the reasons for his sudden departure, according to PTI's report.

Shanti Ekambaram Take Charge Of Investment Banking, Institutional Equities

Speculation had arisen prior to his elevation regarding Manian potentially succeeding Uday Kotak as the CEO and MD of Kotak Mahindra Bank, but recent reports suggested he might be departing to lead a smaller competitor, PTI reported. With Manian's exit, the bank announced that Shanti Ekambaram, the deputy managing director, will now take charge of the investment banking and institutional equities, as well as asset reconstruction businesses previously under Manian's purview.

Meanwhile, the newly appointed MD and CEO Ashok Vaswani will directly oversee the wholesale, commercial, and private banking sectors.

Ashok Vaswani expressed gratitude towards Manian for his nearly three-decade-long contribution to Kotak Mahindra Bank, stating, "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." Vaswani also expressed confidence in the bank's leadership and its capacity to advance its businesses in the future, PTI reported.

Following the announcement, Kotak Mahindra Bank's shares closed 1.01 per cent lower at Rs 1,623.75 on the Bombay Stock Exchange (BSE) on Tuesday, compared to a marginal 0.25 per cent decline in the benchmark index.