
KVS Manian, the joint managing director of Kotak Mahindra Bank Ltd, has resigned from his position with immediate effect, as stated in an exchange filing made by the bank on April 30. The resignation has been considered, noted, and accepted by the bank.
Manian, who had been associated with Kotak Mahindra Bank for nearly 30 years, had recently been promoted as part of a management reshuffle in January. In his resignation letter to the bank, Manian expressed his intention to pursue other opportunities in the financial services sector and consequently step down from the bank’s board.
Manian holds a degree in electrical engineering from the Indian Institutes of Technology (BHU) – Varanasi, as well as a postgraduate degree in financial management from the Jamnalal Bajaj Institute of Management Studies, Mumbai. He is also a Cost and Works Accountant.
Following Manian’s resignation, the bank has announced that Shanti Ekambaram, the deputy managing director, will assume responsibility for overseeing the investment banking, institutional equities, and asset reconstruction businesses that were previously under Manian’s purview. The newly appointed Managing Director and CEO, Ashok Vaswani, will directly supervise the wholesale, commercial, and private banking divisions.
Vaswani expressed gratitude to Manian for his long association with Kotak Mahindra Bank and wished him success in his future endeavors. He also expressed confidence in the bank’s strong leadership talent and its ability to further expand its businesses.
It is worth noting that Manian’s resignation comes at a challenging time for Kotak Mahindra Bank, as it is currently facing obstacles in its digital business growth. On April 24, the Reserve Bank of India (RBI) prohibited the bank from acquiring new customers and issuing fresh credit cards through digital channels. Industry experts have suggested that if the bank fails to address the RBI’s concerns promptly, it may impede its digital banking ambitions and potentially lag behind aggressive competitors such as ICICI Bank, HDFC Bank, and State Bank of India (SBI).
On April 30, the shares of Kotak Mahindra Bank closed at Rs 1,623.75 per share on the Bombay Stock Exchange (BSE), registering a decline of 1.01%, compared to a 0.25% correction on the benchmark index.