Nagnur cited personal reasons for his departure, including plans to relocate to the United States to care for family members. In his resignation letter, he expressed gratitude to the bank’s leadership and colleagues for their support during his tenure.
#JustIn | Kotak Mahindra Bank: Milind Nagnur Resigns As Chief Operating Officer (COO) and Chief Technology Officer (CTO) Of The Bank w.e.f. February 15, 2025 pic.twitter.com/Cp62qrYZCS
— CNBC-TV18 (@CNBCTV18Live) January 3, 2025
The shares of the public sector lender ended in the red on Friday. Earlier, global brokerage firm Citi opened a positive catalyst watch on Kotak Mahindra Bank Ltd. The brokerage upgraded shares of the bank to ‘Buy’ from its earlier rating of ‘Neutral’. Citi has revised its price target upward to ₹2,070 from ₹1,940 earlier.
The Reserve Bank of India (RBI) had on April 24 last year barred the bank from issuing fresh credit cards and onboarding new customers through online and mobile banking channels over “serious shortcomings” in the bank’s information technology (IT) infrastructure. These are said to have led to frequent outages, including a major disruption on April 15, 2024.
For two consecutive years, the lender was assessed to be deficient in its IT risk and information security governance, the RBI had said. During subsequent assessments, it was non-compliant with corrective action plans issued by the central bank in 2022 and 2023. The compliance statements submitted by the bank were inadequate, incorrect or not sustained.
Also Read: Mahindra Finance Q3 disbursements rise 7%, business assets climb 18%
