Kotak Plans to Hire 400 Engineers to Ramp Up Tech Transition [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
The lender, backed by Indian billionaire Uday Kotak, has already brought on board more than 500 engineers from scratch over the last two years, according to Milind Nagnur, the bank's chief technology officer. It has pulled them from firms like Google and Amazon.com Inc. as well as from Paytm and PhonePe Pvt., Nagnur said in an interview. With the hires this year, the bank will have achieved a “critical mass” in talent and additions would be gradual after that, he said. India's fourth largest private lender boosted spending on technology by more than 30% to 17 billion rupees ($204 million) in the year ended March 31, making up about 10% of operating expenses, according to Kotak's Chief Executive Officer Ashok Vaswani at a press briefing over the weekend. The team will be seeking to overcome a ban imposed last month by the Reserve Bank of India on adding new customers through its digital channels and issuing fresh credit cards. Kotak's governance and risk management in its technolo
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