Week after punitive action by RBI, Kotak Mahindra Bank joint MD quits

MUMBAI: Smarting from the biggest punitive action by the regulator last week, Kotak Mahindra Bank on Tuesday found itself in another crisis as its joint managing director Krishnan Venkat Subramanian aka KVS Manian tendered his resignation with immediate effect.

Manian, who is also a whole time director on the board, in his resignation letter, which the board accepted with immediate effect, said he is leaving the fourth largest private sector lender “to pursue other opportunities in the financial services space.”

Later, in an exchange filing, the bank said, “… please note that Manian ceases to be the whole time director designated joint managing director with immediate effect, on account of his resignation considered and accepted”.

Manian is an alumnus of the Indian Institute of Technology (BHU), Varanasi, with a degree in electrical engineering and a postgraduate in financial management from the Jamnalal Bajaj Institute of Management Studies, Mumbai, alongside being a Cost and Works Accountant.