Spurning his family's trading business, Uday Kotak started a finance firm in 1985 then went on to convert it into a bank in 2003.
His Kotak Mahindra Bank is now among India's top four banks in the private sector, boosted by its 2014 acquisition of ING Bank's Indian operations.
In September 2023, Kotak stepped down as CEO and managing director of the bank, four months ahead of his retirement. He's now a non-executive director on the board.
The bank is now run by a former Citibanker. Kotak's son, Jay Kotak, a Harvard Business School grad, is vice president and co-head of the Kotak811 digital bank.
The bank sold a 70% stake in its general insurance arm to Zurich Insurance for $640 million in June 2024. The joint venture is now called Zurich Kotak General Insurance.
Bachelor of Arts/Science, University of Mumbai; Master of Business Administration, University of Mumbai
Did you know
Kotak was initially backed by tractor tycoon Anand Mahindra, who still holds a small stake in the bank.
Kotak's 811 app draws its name from November 8, the day in 2016 when the government cancelled 86% of all rupees in circulation.
In 2018, Kotak was appointed by the government as non-executive chairman of the debt-strapped Infrastructure Leasing & Financial Services until 2022.
In 2020, Kotak sold some shares to reduce his stake in the bank as mandated by the Reserve Bank of India.
In Their Own Words
Things change so fast, you can't afford to be complacent.
Indiaβs Gautam Adani, Virgin founder Richard Branson and GameStop CEO Ryan Cohen are among the billionaires from outside the U.S. who weighed in on Trumpβs re-election.
U.S. short seller Hindenburg Research accuse Indiaβs securities regulator of attempting βto silence and intimidate those who expose corruption and fraud perpetrated by the most powerful individuals in India.β
The succession at Kotak Mahindra Bank has been a hot topic for months as it has been a founder-led institution from its very beginning as a small finance firm in 1985.
SINGAPORE (October 8, 2020) β Amid the Covid-19 pandemic which hit India hard and led to a sharp economic contraction, half of the nationβs 100 richest on the 2020 Forbes India Rich List saw gains. Their collective net worth rose 14% to US$517.5 billion from a year earlier.
Personalities from across the business, sports and entertainment communities have come forward with donations to support India's battle against the pandemic. Here are some of the highlights of their recent contributions.
Amid a challenging year for the economy, the total wealth of the tycoons on the 2019 Forbes India Rich List shrank 8% to US$452 billion from a year ago.
It was a challenging year for the nationβs wealthiest. Under the Narendra Modi-led government, which returned to power for a second term with a thumping majority in May, economic growth slowed to 5%, a six-year low.
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