Chengalath Jayaram's term as Kotak Mahindra Bank's non-executive director ends

New Delhi: 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.