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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The resignation (and hasty send-off) of joint MD K.V.S. Manian has only added to the problems besetting India’s fourth largest private sector bank.
The sudden exit of K.V.S. Manian last week caught many at Kotak Mahindra Bank and outside by surprise. It was only in March that he had been redesignated as joint managing director, putting him on an almost equal footing with CEO Ashok Vaswani.
The development, coming as it did days after the Reserve Bank of India came down hard on Kotak Mahindra Bank for its information technology-related issues, did not go down well with the markets. The bank’s shares corrected by almost 6% in the three trading sessions following the announcement of Manian’s exit.
Now, the shock and surprise were …
The retired banker wants India’s top companies to invest in AI. But the capital, ambition, and urgency simply aren’t there.
Divergent narratives from the Haryana government and the lender raise deeper questions on oversight, authorizations and systemic lapses—answers that may emerge only after a forensic audit.
The Bengaluru-based lender is once again gearing up to seek the RBI’s nod after the central bank returned its application last year.
