Kotak Mahindra Bank Limited, one of India’s leading financial institutions, has announced the resignation of its Chief Operating Officer (COO) and Chief Technology Officer (CTO), Milind Nagnur. His resignation will be effective from the close of business hours on February 15, 2025.

In an official communication to the BSE and NSE, Kotak Mahindra Bank cited personal reasons for Mr. Nagnur's departure, stating that he plans to relocate to the United States to care for family members.

Impact on Technology Operations

To ensure the continuity of operations, the bank has set up an interim technology organization structure. This proactive measure demonstrates the bank's commitment to maintaining its technological transformation momentum despite the leadership change.

The resignation email dated January 3, 2025, highlights Mr. Nagnur’s gratitude towards the leadership at Kotak Mahindra Bank, particularly acknowledging the support of Ashok Vaswani, Uday Kotak, and Dipak Gupta, along with other board members.

Contribution of Milind Nagnur

During his tenure, Mr. Nagnur played a pivotal role in driving Kotak Mahindra Bank's technology transformation. His strategic initiatives have been integral in strengthening the bank’s position in the Indian financial ecosystem. Under his leadership, the bank witnessed significant advancements in digital banking services and customer experience enhancements.

Official Communication and Next Steps

The official announcement has been uploaded to the bank's website for transparency, as per the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Stakeholders and investors can access further details through the Investor Relations section of the bank's website.

Mr. Milind Nagnur’s resignation marks a significant change in the bank’s senior management, and his contributions will undoubtedly be remembered as a cornerstone in Kotak Mahindra Bank’s journey towards technological excellence.

As the bank navigates this transition, it remains focused on its strategic objectives, ensuring minimal disruption to its services and maintaining trust among its customers and stakeholders.

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