Kotak Mahindra Bank joint MD KVS Manian steps down days after RBI action against private lender

KVS Manian, joint managing director of Kotak Mahindra Bank has resigned from his post with immediate effect. Manian is a veteran of the private sector lender and has been with the lender for nearly three decades. He was elevated in a management rejig in January. The bank statement did not mention anything about Manian's future plans or the reasons for the immediate departure.

His decision comes days after the RBI put severe business restrictions on the lender, including stopping it from selling new credit cards for shortcomings in its tech architecture. Manian has led various businesses including consumer, commercial, wholesale and private banking. Manian is an electrical engineer from IIT (BHU). He also did his Post Graduation in Financial Management from Jamnalal Bajaj Institute of Management Studies, Mumbai. 

On Tuesday, Kotak Mahindra Bank said its deputy managing director Shanti Ekambaram will oversee the investment banking and institutional equities, and, asset reconstruction businesses which Manian used to oversee, while the bank's newly appointed MD and CEO Ashok Vaswani will have the wholesale, commercial and private bank report directly to him. "Manian has spent over 29 years at Kotak and we are thankful to him for his association and we wish him well in his future endeavours," Vaswani said.

(With inputs from PTI)

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