India's Kotak Mahindra Bank joint MD KVS Manian resigns

FILE PHOTO: A man walks past the Kotak Mahindra Bank branch in New Delhi

BENGALURU (Reuters) -Indian private lender Kotak Mahindra Bank said on Tuesday its joint managing director KVS Manian has resigned, after two months in the role.

Manian, a veteran of close to three decades with the bank, is departing to pursue other opportunities in financial services, according to his resignation letter disclosed to exchanges.

Manian was seen by analysts as the likely successor to Uday Kotak who stepped down as the bank's chief executive in September 2023. The role, however, went to veteran banker Ashok Vaswani who took the helm at Kotak at the start of this year.

Following this, Manian was named as joint managing director, effective March 1.

In February, local media reported that Manian was being considered for a chief executive role at another Indian lender, Federal Bank.

In his resignation letter, Manian said he is "excited about his future professional options", without giving any details.

Last week, Kotak Mahindra Bank faced strictures from India's central bank which asked the lender to stop adding clients digitally amid gaps in its IT infrastructure.

(Reporting by Nishit Navin and Ira Dugal; Editing by Shailesh Kuber)