Kotak Mahindra Bank has announced that Milind Nagnur, its Chief Operating Officer (COO) and Chief Technology Officer (CTO), has resigned from his dual roles, effective February 15, 2025.
Milind cited personal reasons for his resignation, stating his intention to return to the United States to care for family members.
Kotak Mahindra Bank: Leadership Transition
Milind’s resignation comes at a time when Kotak Mahindra Bank is navigating regulatory challenges imposed by the Reserve Bank of India (RBI).
In April 2024, RBI restricted the bank from onboarding new customers via its online and mobile banking channels and issuing new credit cards due to deficiencies in its IT systems.
Despite these challenges, the bank has implemented an interim technology structure to ensure seamless operations during this transition.
During his tenure, Milind played a pivotal role in Kotak Mahindra Bank’s technological transformation.
He was handpicked by former CEO Uday Kotak in 2022 to oversee the bank’s digital initiatives.
Milind’s efforts led to the onboarding of over 600 engineers, significantly strengthening the bank’s engineering unit.
His leadership was instrumental in driving the bank’s digital transformation and enhancing its technological capabilities.
Milind Nagnur’s Career Background
Before joining Kotak Mahindra Bank, Milind served as managing director at Citigroup for over a decade until 2018.
He also held the position of Chief Technology Officer at the U.S.-based fintech firm Early Warning.
His extensive experience in the financial and technology sectors made him a valuable asset to Kotak Mahindra Bank.
Despite Milind’s departure, Kotak Mahindra Bank remains committed to its digital transformation goals.
The bank is working to address the RBI’s concerns and lift the restrictions on its digital services.
The new Kotak Bank app, currently in its beta phase, is designed to provide an improved customer experience and will be leveraged for customer acquisition once the ban is lifted.
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