In another setback for Kotak Mahindra Bank, K.V.S. Manian, whole-time director designated as joint managing director, has stepped down to pursue other opportunities in the financial services sector. The bank’s board has accepted his resignation with immediate effect.

Manian, who had been with the bank for nearly three decades, was elevated in a management rejig in January after the arrival of new MD and CEO Ashok Vaswani.

Manian and deputy managing director Shanti Ekambaram were among the contenders to succeed Uday Kotak as its CEO. Recently there were speculations that Manian would join Federal Bank as its CEO.

For Kotak Mahindra Bank, his resignation comes just days after the Reserve Bank of India (RBI) put severe business restrictions that barred it from selling new credit cards.

A statement from the lender said that Manian has stepped down from his position with immediate effect.