Chengalath Jayaram's Tenure as Non-Executive Director of Kotak Mahindra Bank Concludes

Kotak Mahindra Bank's non-executive director Chengalath Jayaram's tenure ended on April 30, completing eight years on the board. Joint managing director K V S Manian also recently resigned. These developments follow RBI restrictions on the bank due to technical architecture issues.

Kotak Mahindra Bank on Wednesday said the tenure of Chengalath Jayaram as non-executive director on the board of the bank has ended on April 30.

In a regulatory filing, the bank said Jayaram's term ended on April 30, 2024 on completion of eight continuous years (as a Non-Executive Director) on the bank's board, in line with the provisions of the Banking Regulation Act, 1949.

''Consequently, Mr. Jayaram has ceased to be a Director on the board of the bank,'' Kotak Mahindra Bank said.

On Tuesday, Kotak Mahindra Bank had announced that its joint managing director K V S Manian 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 came within days of the RBI putting business restrictions on the lender, including stopping it from selling new credit cards, for shortcomings in its tech architecture.

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