Milind Nagnur has resigned from his positions as Chief Operating Officer (COO) and Chief Technology Officer (CTO) at Kotak Mahindra Bank, effective February 15, 2025. He was appointed as COO less than a year ago, in February 2024, and held the role of CTO for the organisation as well.
Before joining Kotak, Nagnur served as Managing Director at Citigroup for over a decade, until 2018. He also worked as CTO at the US-based fintech firm Early Warning.
During his tenure in April, RBI had imposed restrictions on the bank for adding new clients through the online and mobile banking channels, from issuing credit cards, due to gaps in its IT infrastructure.
As per RBI, it took this action after Kotak's IT systems in 2022 and 2023 raised concerns that Kotak failed to address adequately.
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However, The Reserve Bank of India (RBI) allowed HDFC Bank to acquire up to 9.5 per cent stake in Kotak Mahindra Bank, AU Small Finance Bank and Capital Small Finance Bank within a year from the approval date. In a regulatory filing, HDFC Bank said that the apex bank, in its letter dated January 3, has approved HDFC Bank and its group companies— including HDFC Mutual Fund, HDFC Life Insurance, HDFC Pension Management, HDFC ERGO General Insurance, and others — to collectively acquire up to 9.5 per cent of paid-up share capital or voting rights in Kotak Mahindra Bank, AU Small Finance Bank and Capital Small Finance Bank.
With inputs from agencies.
