Addressing inquiries about KVS Manian's departure from Kotak Mahindra Bank, Ashok Vaswani mentioned during a press conference that to his knowledge, Manian currently does not have any prospects lined up. Vaswani emphasized that while Manian desired to pursue opportunities in the financial sector, the timing of his resignation posed certain challenges due to his lengthy tenure at the bank.
In a letter announcing his immediate resignation, Manian conveyed his intention to explore new ventures within the financial services industry, expressing gratitude towards Ashok Vaswani and acknowledging his time at Kotak Mahindra Bank spanning nearly thirty years. The departure of Manian, coupled with an RBI directive instructing the bank to halt digital client onboarding and credit card issuance, has generated concerns about the bank's digital business model and its potential medium-term growth, resulting in a decline in the bank's share price.
Despite the challenges posed by the RBI's directive, Vaswani reiterated the bank's commitment to addressing IT-related issues by intensifying efforts, resources, and investments in this area. Kotak Mahindra Bank reported a year-on-year increase in net profit and net interest income for the fourth quarter of the fiscal year, with a higher net interest margin. The bank's board of directors has proposed a dividend for shareholders subject to approval.