Uday Kotak Indian Executive

Uday Suresh Kotak is an Indian billionaire banker who serves as Executive Vice Chairman and Managing Director of Kotak Mahindra Bank.

Uday Kotak Indian Executive

In the early 1980s, when India was still a closed market and its economy was sluggish, Kotak chose to go it alone, rejecting great job opportunities offered by multinational corporations.

Born: - March 15, 1959

Education:- University of Mumbai

Occupation:- Founder, Managing Director and CEO, Kotak Mahindra Bank

In the early 1980s, when India was still a closed market and sluggish economy, Kotak opted for self-reliance, rejecting generous job offers from multinational corporations. Over the next few years, he expanded into various financial services, building a solid presence in bill discounting, stockbroking, investment banking, auto loans, life insurance, and mutual funds. On March 22, 2003, Kotak Mahindra Finance Ltd. became the first company in Indian corporate history to receive a banking license from the Reserve Bank of India.

As of April 2021, the Bloomberg Billionaires Index assessed his net worth at $14.8 billion.

In 2006, he ended a 14-year relationship with Goldman Sachs after it sold 25 per cent of the two companies.

Kotak's fortune nearly doubled in 2014 after buying rival ING Vysya Bank for $2.4 billion in November 2014.

In 2015, Kotak entered the general insurance market and launched a small payments bank with telecom giant Sunil Mittal's Bharti Airtel.

Kotak has cut its ownership in Kotak Mahindra Bank to 30% at the request of the Reserve Bank of India.

In August 2019, he was reported to be one of the highest-paid CEOs of any Indian bank with a monthly salary of Rs. 2.7 million ($34,000).

Honours and Awards

In June 2014, he was selected as Ernst & Young's World Entrepreneur of the Year.

He is the only Indian financier to appear in Forbes Magazine: The Most Prominent People in Finance, and India Today magazine named him eighth in India's 50 Most Powerful People in 2017.