Kotak Mahindra Bank’s (KMB) senior official Milind Nagnur, who held the position of CTO and COO at the bank, has resigned from his post citing personal reasons after a 2.5 years stint, according to an exchange filing.

“Due to personal reasons, please accept my resignation from the firm. I am resigning for personal reasons and plan to relocate back to the US to care for family members. Our agreed upon final date for me at the firm will be Feb 15, 2025,” Nagnur said in his resignation letter.

“I am deeply grateful to yourself, and to my former managers Uday and Dipak, as well as to all the board members for their unwavering support and guidance throughout this journey of tech transformation,” he added.

Nagnur had joined KMB on August 2, 2022 as the bank’s President and CTO to lead the bank’s “technological transformation”. He has more than 20 years of global experience in technology leadership roles predominantly in the banking and Fintech space.

His resignation comes at a time when KMB is barred by the Reserve Bank of India (RBI) from from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards for failing to build IT systems and controls commensurate with its growth leading to serious deficiencies and non-compliances with regulatory requirements. The action has impacted the bank’s credit card operations heavily, and impacted bank’s growth.

Published on January 3, 2025