Milind Nagnur To Depart As Kotak Mahindra Bank CTO And COO
Milind Nagnur, who joined Kotak Mahindra Bank in 2022 to lead its technological transformation, is stepping down amid ongoing regulatory restrictions on the bank's digital operations.
Milind Nagnur, chief operating officer and chief technology officer at Kotak Mahindra Bank, has resigned from his position, the bank said in a statement to the exchanges on Friday.
According to Nagnur's resignation letter, he is resigning from his position due to personal reasons only.
"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 the letter.
Nagnur joined Kotak Mahindra Bank in August 2022 as CTO to help with the bank's technological transformation. In February 2024, a month after Kotak Mahindra Bank's new MD & CEO Ashok Vaswani took charge, Nagnur was given the added responsibility of managing operations.
"I am deeply grateful to you 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," Nagnur said in his resignation letter.
However, his role came under scrutiny when the Reserve Bank of India placed severe business restrictions on the bank in April 2024.
Owing to serious lapses in Kotak Mahindra Bank's information technology system, including its IT inventory management, patch and change management, user access management, vendor risk management, data security and data leak prevention strategy, business continuity and disaster recovery rigour and drill, etc.
The lender was found to be deficient in these areas for over two years.
The regulator barred Kotak Mahindra Bank from onboarding any new customers through digital means and stopped the addition of new credit card customers. These restrictions continue to remain in place.
While announcing its September quarter results, the bank disclosed that it has made notable progress on core banking resilience, business continuity action plan, cybersecurity, and digital payments frameworks.
Additionally, an external auditor was fully engaged in validating items actioned upon by the bank.
