Kotak Mahindra Bank has announced that KVS Manian, a whole-time director designated as joint managing director, has resigned from his post to explore other possibilities in the financial services sector.

The bank unveiled an updated reporting structure to improve its business focus and leadership supervision.

The wholesale, commercial, and private bank of Kotak Mahindra will be reporting solely to Ashok Vaswani, managing director and CEO, while the asset reconstruction division will be assigned to Shanti Ekambaram, deputy managing director.

Ekambaram will also be in charge of investment banking and institutional equities. 

Commenting on the development, Ashok Vaswani, MD & CEO, Kotak Mahindra Bank stated: “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. We are confident of the strong leadership talent at Kotak and our ability to scale our businesses to the next level in times to come.”

Kotak Mahindra Group, founded in 1985, is one of India’s significant financial services companies.

In February 2003, the Reserve Bank of India (RBI) granted Kotak Mahindra Finance (KMFL), the group’s flagship company, a banking license, making it India’s first non-banking finance company to transform into a bank – Kotak Mahindra Bank. 

Moreover, the bank serves retail and business clients in both urban and rural India through its four strategic business units: consumer banking, business banking, commercial banking, and treasury.

The core of the Kotak Mahindra Group’s business strategy is focused, varied financial services in India.

With a variety of services and solutions tailored to meet the requirements of the underbanked and unbanked, the group’s ambitious growth objective is inclusive.

As of 31 December 2023, Kotak Mahindra Bank operated 1,869 branches, 3,239 ATMs, and branches in GIFT City and DIFC (Dubai) around the country.