Kotak Mahindra Bank’s chief operating officer (COO) and chief technology officer (CTO) Milind Nagnur has stepped down due to personal reasons, the bank said in an exchange filing on Friday.

“I am resigning for personal reasons and plan to relocate back to the US to care for family members. Our agreed upon final date for me at the firm will be February 15, 2025,” Nagnur said in the letter.

He had joined Kotak Mahindra Bank in August 2022 as the CTO. In February 2024, a month after Kotak Mahindra Bank’s new MD & CEO Ashok Vaswani took charge, Nagnur was given the additional responsibility of managing operations. “I am deeply grateful to you and to my former managers, Uday and Dipak, as well as to all the board members, for their unwavering support and guidance throughout this journey of tech transformation,” Nagnur said in his resignation letter.

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During his stint, the Reserve Bank of India (RBI) had imposed restrictions on the bank. In April 2024, the banking regulator had barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels as well as from issuing fresh credit cards. RBI had observed ‘serious deficiencies and non-compliances’ in the bank’s IT inventory and user access management, among other things.