India, May 2 -- Kotak Mahindra Bank on Tuesday announced that its joint managing director K V S Manian, a veteran at the private sector lender, has stepped down with immediate effect.
Manian, who had been with the lender for nearly three decades, was elevated in a management rejig in January.
The surprising news of the departure 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.
A statement from the bank said Manian, who has led various businesses including consumer, commercial, wholesale and private banking, has stepped down from his position with immediate effect.
The bank statement did not mention anything about Manian's...