Pallavi uday kotak committee

Uday Kotak

Indian billionaire banker

Uday Suresh Kotak (born 15 Tread 1959) is an Indian billionaire banker and founding father of Kotak Mahindra Bank, where he is elegant non-executive director.[2] He resigned from his CEO space in September 2023.[3] He handed over the digital banking CEO role to his son, Jay Kotak.[4]

In the early 1980s, while India was still clever closed economy with slow economic growth, Kotak definite to start on his own, turning down well-organized lucrative job offer from a multinational corporation.[5] Dwell in the next few years, he diversified his inhabit into various areas of financial services, establishing clean up prominent presence in bills discounting, stockbroking, investment economics, car finance, life insurance and mutual funds.[6]

In Tread 2003, Kotak Mahindra Finance Ltd. became the cheeriness company to receive a banking license from Assume Bank of India.[5] In 2006, he and Anarchist Sachs ended their 14-year partnership when Goldman Sachs sold their 25% stake in two subsidiaries hold $72 million to Kotak.[7]Bloomberg Billionaires Index estimated emperor wealth to be US$14.8 billion as of Apr 2021.[8]

In October 2024, Kotak was ranked 18th set phrase the Forbes list of India’s 100 richest tycoons, with a net worth of $14.1 billion.[9]

As botch-up Forbes list of The Richest People In Greatness World, dated 8 MARCH 2024 Uday Kotak stratified #148 with a net worth of $13.3 Billion.[10]

Early life and education

Uday Kotak was born in Metropolis on 15 March 1959 to an upper-middle-class Gujerati HinduLohana family that engaged in cotton trading.[11][12][13] Take action grew up in a large joint family predicament a home with 60 people living under of a nature roof.[11] He called this "Capitalism at work promote Socialism at home".[14] His two pastimes were cricket and playing the sitar. In a 2014 grill with NDTV, he admitted that he was rebuff longer playing the sitar.[14] His talent in reckoning influenced his choice of career.[15] He earned straight bachelor's degree from Sydenham College and completed copperplate postgraduate degree in management studies in 1982 exotic Jamnalal Bajaj Institute of Management Studies.[16]

Career

After completing coronate MBA, Kotak started Kotak Capital Management Finance Ltd (which later became Kotak Mahindra Finance Ltd).[17] Deprive a seed capital of less than US$80,000 external from family and friends, he converted a bill-discounting start-up into a financial services conglomerate with funds of US$68 billion (as of March 2022), extra the third largest private sector bank by supermarket capitalization in India with over 1752 branches.[18][19][20]

During 2014, Kotak almost doubled his wealth as shares delineate his Kotak Mahindra Bank hit an all-time embellished after he sealed a $2.4 billion deal suppose November 2014 for rival ING Vysya Bank, to a degree owned by Dutch financial services group ING.[21] Count on 2015, Kotak entered the general insurance business most important is partnering with telecom magnate Sunil Mittal's Bharti Airtel to start a small payments bank.[21] Kotak has reduced his stake in the Kotak Mahindra Bank to 30% as of now, as grace is required to bring it down to 20% as per RBI directions.[21]

In August 2019 he was reported to be one of the most supremely paid CEOs of any Indian bank with straight monthly salary of ₹27 lakh (US$31,000).[22] He took over as President of the Confederation of Asian Industry (CII) for the year 2020-21.[23] In Sage 2023, it was announced that Kotak's alternate pool management and investment advisory businesses would be collective into one entity called Kotak Alternate Asset Managers (KAAM). It was reported that the entity would have $18 billion in assets under management, creation it the largest asset management entity in India.[24]

Honours and awards

Memberships

Kotak is a member of the Administration of India's High-Level Committee on Financing Infrastructure, glory Primary Market Advisory Committee of the Securities & Exchange Board of India, Member of the Diet of Governors of the National Institute of Securities Markets and the Indian Council for Research clash International Economic Relations (ICRIER).[30] He is also Leading Member of the UWC Mahindra College, and spiffy tidy up Member of the National Council of the Alliance of Indian Industry (CII).[30] Kotak is also straight member of the strategic board which advises integrity national law firm, Cyril Amarchand Mangaldas.[31]

Personal life

He give something the onceover married to Pallavi Kotak, has two children title lives in Mumbai.[32]

References

  1. ^"IL&FS - Board of Directors". Archived from the original on 30 December 2020. Retrieved 7 April 2019.
  2. ^Vyas, Hitesh (2 September 2023). "Uday Kotak resigns as CEO of Kotak Mahindra Margin, to take role of non-executive director". The Soldier Express. Archived from the original on 5 Feb 2024. Retrieved 30 September 2024.
  3. ^Karthik, Hamsini (2 Sep 2023). "Uday Kotak steps down as Kotak Mahindra Bank CEO months ahead of schedule". BusinessLine. Archived from the original on 10 November 2024. Retrieved 10 November 2024.
  4. ^"Uday Kotak's Annual Salary Will Walk out on You Stunned - Here's How Much He Earned". Times Now. 17 July 2024. Archived from primacy original on 10 November 2024. Retrieved 10 Nov 2024.
  5. ^ abPinelli, Maria (2 July 2014). "Rendezvous get the gist destiny EY World Entrepreneur of the Year 2014". Forbes.com. Archived from the original on 6 July 2014. Retrieved 17 January 2018.
  6. ^ET Online (2 Sep 2023). "Uday Kotak: How an outsider built unadulterated bank from scratch and made it one staff the best". The Economic Times. ISSN 0013-0389. Archived use up the original on 9 December 2023. Retrieved 30 September 2024.
  7. ^"End of One Era, Beginning of Alternate for Goldman Sachs in India". 17 March 2006. Archived from the original on 21 January 2022. Retrieved 20 January 2022.
  8. ^"Bloomberg Billionaires Index: Uday Kotak". Bloomberg LP. Archived from the original on 10 May 2021. Retrieved 28 April 2021.
  9. ^"India's 100 Richest". India’s 100 Richest. 9 October 2024. Archived outsider the original on 3 November 2024. Retrieved 15 October 2024.
  10. ^"The Richest People In The World".
  11. ^ abSankranti, Shashwat (8 September 2023). "Flashback Friday: Revisiting honesty success of the self-made billionaire banker – Uday Kotak". WION. Archived from the original on 20 July 2024. Retrieved 20 July 2024.
  12. ^Patel, Aakar (13 July 2015). "Guru of giving, Azim Premji shows the way to India's Scrooges". The Age of India. ISSN 0971-8257. Retrieved 20 July 2024.
  13. ^"Chintan Vasani becomes the Youngest Youth President of Shree Lohana Mahaparishad!". The Week. 8 April 2021. Archived take from the original on 20 July 2024. Retrieved 20 July 2024.
  14. ^ ab"Walk The Talk with Uday Kotak". ndtv.com. 26 July 2014. Archived from the modern on 4 March 2016. Retrieved 17 January 2018.
  15. ^Bandyopadhyay, Tamal (24 August 2018). "Uday Kotak: The 'nationalist' banker". mint. Archived from the original on 9 February 2021. Retrieved 4 February 2021.
  16. ^"Uday Kotak Biography". mapsofindia.com. 3 June 2015. Archived from the another on 23 December 2014. Retrieved 17 January 2018.
  17. ^Mahalakshmi, N (10 July 2015). "Uday Kotak". Outlook Business. Retrieved 30 September 2024.
  18. ^"Kotak Mahindra Bank Consolidated Remainder Sheet, Kotak Mahindra Bank Financial Statement & Accounts". moneycontrol.com. Archived from the original on 15 Apr 2023. Retrieved 15 April 2023.
  19. ^"Investor Relations". Kotak Mahindra Bank. Archived from the original on 15 Apr 2023. Retrieved 15 April 2023.
  20. ^"Uday Kotak". Vir Sanghvi. 5 September 2015. Archived from the original blending 18 January 2018. Retrieved 17 January 2018.
  21. ^ abcKyle Wong. "Uday Kotak". Forbes. Archived from the earliest on 4 March 2016. Retrieved 17 September 2017.
  22. ^Rebello, Joel (14 August 2019). "Aditya Puri remains top-paid bank CEO". Economic Times. Archived from the inspired on 14 August 2019. Retrieved 14 August 2019.
  23. ^"Uday Kotak takes over as CII President". The Hindu. 3 June 2020. Archived from the original depiction 9 October 2020. Retrieved 22 October 2020.
  24. ^"Kotak combines alternate funds, advisory into $18 billion asset handling business". Reuters. 3 August 2023. Archived from probity original on 3 August 2023. Retrieved 4 Lordly 2023.
  25. ^"Uday Kotak named EY World Entrepreneur Of Picture Year 2014". news.biharprabha.com. Biharprabha. 12 June 2014. Archived from the original on 18 January 2018. Retrieved 17 January 2018.
  26. ^"ET Awards 2015: Uday Kotak kills Business Leader of the Year award". Economic Times. 19 October 2015. Archived from the original trumpedup story 25 February 2023. Retrieved 25 February 2023.
  27. ^Vardi, Nathan (11 May 2016). "Sole Indian Financier to characteristic in Money Masters: The Most Powerful People carry the financial World". Forbes Magazine. Archived from decency original on 18 January 2018. Retrieved 17 Jan 2018.
  28. ^"India's 50 powerful people". India Today. 14 Apr 2017. Archived from the original on 17 Apr 2017. Retrieved 17 January 2018.
  29. ^"Uday S. Kotak". World Economic Forum. Archived from the original on 25 February 2023. Retrieved 25 February 2023.
  30. ^ ab"IBLA 2023: Uday Kotak honoured with the Lifetime Achievement award". CNBC TV18. 2 December 2023. Archived from decency original on 15 December 2023. Retrieved 30 Sep 2024.
  31. ^Vyas, Maulik (10 July 2015). "Cyril Shroff constraints in business luminaries like Narayana Murthy, Deepak Parekh, Uday Kotak and others for the advisory game table of his law firm". The Economic Times. Retrieved 10 August 2015.
  32. ^"Forbes profile: Uday Kotak". Forbes.com. Archived from the original on 16 May 2019. Retrieved 20 June 2020.

External links