Kotak Mahindra Bank's Retail Chief Resigns
On Jan. 5, bank's COO Milind Nagnur resigned. On April 30, 2024, joint MD KVS Manian resigned and went on to become MD and CEO at Federal Bank.
Kotak Mahindra Bank's head of retail banking division has resigned, people familiar with the matter told NDTV Profit.
Ambuj Chandana, president and head of consumer banking, is looking at opportunities outside the bank, the lender said confirming his exit.
"Ambuj Chandna... has decided to pursue new opportunities outside the bank after a successful tenure with us... We will announce a new leader for this role in short order. We remain committed to maintaining strong leadership and continuing our growth trajectory," said a Kotak Mahindra Bank spokesperson.
Churn at Kotak Mahindra Bank's top leadership has been a consistent issue. Earlier this month, on Jan. 5, Milind Nagnur, chief operating officer and chief technology officer at the bank resigned. In his resignation he said that he would be moving to United States of America to care for his family.
On April 30, 2024, KVS Manian, joint managing director, resigned and went on to become MD and CEO at Federal Bank. Interestingly, Manian had been elevated to the Joint MD role only in January last year. The resignation had come close on the heels of Ashok Vaswani taking over as Kotak Mahindra Bank's MD and CEO in January.
On April 24, 2024, Reserve Bank of India placed business restrictions on Kotak Mahindra Bank, barring the lender from issuing fresh credit cards and from onboarding customers through digital means. While the bank has responded to RBI's concerns, the restrictions continue to remain in place still.
In the quarter ended Dec. 31, Kotak Mahindra Bank reported a standalone net profit of Rs 3,305 crore, up 10% year-on-year. The bank also reported core income of Rs 7,196 crore, up 10% from last year. Advances for the lender were up 15% from last year, while deposits rose 15% to Rs 4.58 lakh crore.
On Thursday, the Kotak Mahindra Bank stock dropped over 1% on the bourses and was trading at Rs 1,900.35 a share.
