Kotak Mahindra Bank COO and CTO Milind Nagnur Resigns, Cites Personal Reasons

Kotak Mahindra Bank has announced the resignation of its Chief Operating Officer (COO) and Chief Technology Officer (CTO), Milind Nagnur, according to a company filing on January 3. Nagnur has stepped down citing personal reasons, stating his intention to move back to the United States to care for family members.

Last Working Day Set for February 15, 2025

In his resignation letter, dated January 3, Nagnur confirmed that his last working day at the bank would be February 15, 2025. Kotak Mahindra Bank has put an interim structure in place to ensure smooth operations following his departure.

Background of RBI Restrictions in 2024

Nagnur’s resignation comes months after the Reserve Bank of India (RBI) imposed significant restrictions on Kotak Mahindra Bank in April 2024. The banking regulator barred the bank from onboarding new customers through its online and mobile banking platforms and from issuing fresh credit cards.

The RBI’s action followed observations of serious deficiencies and non-compliances in the bank’s IT inventory and user access management, highlighting the critical role of technology and compliance in banking operations.

Stock Performance 

On January 06, 2025, Kotak Mahindra Bank share price traded 2.38% lower at ₹1,795.40 at 9:48 AM (IST). Kotak Mahindra Bank share price reached a 52-week high of ₹1953 on September 23, 2024, and a 52-week low of ₹1,544.15 on May 03, 2024. As per BSE, the total traded volume for the stock stood at 0.20 lakh shares with a turnover of ₹3.53 crore.

At the current price, Kotak Mahindra Bank shares are trading at a price-to-earnings (P/E) ratio of 21.85x, based on its trailing 12-month earnings per share (EPS) of ₹84.16, and a price-to-book (P/B) ratio of 3.30, according to exchange data.

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