(Reuters) – Kotak Mahindra Bank’s Milind Nagnur resigned from his positions as chief operating officer and chief technology officer, effective Feb. 15, due to personal reasons, the Indian private lender said on Friday.
Nagnur was appointed as COO in February 2024, while continuing as CTO, a position he had held for over a year.
He served as managing director at Citigroup for over a decade until 2018 and worked as CTO at the U.S.-based fintech firm Early Warning, before joining Kotak, according to his LinkedIn profile.
During his tenure in April, the Reserve Bank of India (RBI) had imposed restrictions on the bank, which are still in force, from adding clients through its online and mobile banking channels, and from issuing credit cards, due to gaps in its IT infrastructure.
The RBI said it took action after its examination of Kotak’s IT systems in 2022 and 2023 raised concerns that Kotak failed to address adequately.
(Reporting by Manvi Pant in Bengaluru; Editing by Vijay Kishore)
