Uday Kotak Biography | Education | Family | Net worth | Kotak Mahindra Bank
Uday Kotak is a 61 years old billionaire banker of India. He is also the vice-chairperson executive and managing director of the Kotak Mahindra Bank. Early in the 1980s, after completing his studies, he refused to accept the job offer from a multinational company and opted to start his own business. In the next successive years, he put an effort in diversifying his business, to provide different types of financial services and secured a prominent place in stockbroking, car financing, bills discounting, investment banking, mutual funds and life insurances. Check Here Uday Kotak Biography.
Uday Kotak Biography
Early life and education
Uday Kotak comes from a respected middle-class Gujarati family in Lohana where 60 people lived under the same roof. His family business was originally cotton trading, which he termed as ” socialism at home while capitalism at work”.
He was good at mathematics, which greatly helped him in his career. He pursued his graduation from the Sydenham college and his post-graduation from Jamnalal Bajaj institute in management studies in the year 1982. Since childhood, he had a passion for cricket and playing the sitar.
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After he got an MBA degree successfully, he began his career and established the Kotak capital management finance LTD. Now, it has become Kotak Mahindra finance LTD. He started his business borrowing about the US $80,000 from his friends and family and turned his start-up into a financial business having assets of $ 19 billion, as of 2014. The amount of expected to rise in the present times. At present, the Kotak Mahindra Bank is the second biggest commercial bank which has over 1250 branches in India.
His first success was in 2003 when Kotak Mahindra finance LTD emerged to be the first-ever enterprise in India’s history to get a banking license from the Reserve Bank of India. Besides these, Uday Kotak is a respectable member of the panel of governors of the national institute of securities markets and a member of the national council of CII.
As can be seen, with his in-depth knowledge and excellence in this field, he doubled his assets when shares of his Kotak bank increased massively upon finalizing a deal of $2.4 billion in November 2014.
In 15, he entered into an agreement with Sunil Mittal’s Bharti Airtel to set up a small payments bank. According to the latest reports of August 2019, he had been reported to be one of the highest-paid CEOs of any commercial bank in India, earning about 27 lakhs per month.
He is the only Indian financier, who has been featured by Forbes magazine in money masters: the most powerful people in the financial world in May 2016.
Uday was vested with the Ernest and young world entrepreneur of the year award in June 2014.
He also was ranked 8th in the list of the 50 most powerful people in India as of 2017, in ” India Today” journal
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About Kotak Mahindra bank
Kotak Mahindra Bank, which was set up by Uday Kotak is the head of the Kotak groups. It has been recorded to be one of the fastest advancings, and diversifying banks in India, all credits to the hard work, commitment and dedication of Uday Kotak. Presently, it is one of the most admired financial enterprises in India.
All through the years, the bank has tried to cover all areas of financial services and now provides transaction banking, offers working capital loans, monitors lending verticals, and manages IPOs. Among the main activities performed by the bank are included commercial Banking, consumer banking, treasury, corporate banking, etc. According to the latest news on 31st march 2019, the Kotak Mahindra Bank owned 1500 branches, 19 subsidiaries and 2352 ATMs in across 744 locations in India.
Uday Kotak is a well-identified personality in India. He is an associate of the government of India’s high-profile committee which looks into the financial infrastructure of India. He is also the chief market advisory committee of the securities and exchange board of India. Lastly, he is also a member of the advisory managing board which works for the Cyril Amarchandmangaldas, a national law firm.