Kotak Mahindra Bank (NSE:KOTAKBANK) saw CEO Ashok Vaswani resign after 3.5 years as the bank reports strong growth—advances +15% QoQ, deposits +12%, NII +9%—while trimming staff via AI/digitisation, raising one‑year MCLR to 8.45% and cutting provisions and NPAs.
Previous Week Recap
- Kotak Bank CEO Resigns: Kotak Mahindra Bank CEO Ashok Vaswani resigned after 3.5 years, citing personal reasons. Bank will nominate successors to the RBI; Vaswani noted tech fixes, management rebuild and portfolio cleanup.
- Kotak Advances, Deposits Rise: KOTAKBANK: net advances +15% QoQ (retail, corporate); deposits +12%; NII +9% to ₹79.28bn; provisions ₹7.64bn (-42% YoY, +30% QoQ); gross NPA 1.18% at end-June
- Kotak Raises One-Year MCLR: Kotak Mahindra Bank raised its one‑year MCLR to 8.45% effective July 16. This hike alters interest rates on new and existing loans priced off the one‑year MCLR.
- Kotak Cuts Staff, AI Use: Kotak Mahindra Bank (KOTAKBANK) cut standalone staff to 74,054 in FY26 from 75,323, driven by fewer junior managers (49,985). Mid-management rose to 9,912. Bank cites AI and digitisation use.
This is an AI-generated summary and may contain inaccuracies. Please verify any important information with the original sources.