Uday Kotak Biography
Uday Kotak Biography: Uday Kotak is an Indian billionaire banker. Along with this he is the Executive Vice President and Managing Director of “Kotak Mahindra Bank”. On 22 March 2003, Kotak Mahindra Finance Limited became the first company in India’s corporate history to receive a banking license from the Reserve Bank of India. Uday Kotak is a well-known name in the Indian industry and banking sector. The Net Worth of this virtuous founder of Kotak Mahindra Bank is said to be 7.6 Billion. Let us know the highlights of the biography of this Brilliant Banker.
Uday Kotak was born on 15 March 1959. He is a resident of Mumbai, Maharashtra. His father’s name is Suresh Kotak. Uday comes from a Gujarati joint family. The family which had a small house with 1 kitchen and 60 living members. Uday Kotak’s family business was Cotton Trading. Since childhood, Uday had a deep love for the game of cricket. Apart from this, he was also very interested in playing the sitar. But his family encouraged Uday to study and concentrate.
Uday Kotak was very good in Mathematics subject. This talent of his influenced his career choice in the coming time. After graduating from Sydenham College, in the year 1982, Uday Kotak did his postgraduate studies from Jamnalal Bajaj Institute of Management Studies.
Uday Kotak is married to Pallavi Kotak. These two met at a party. Within no time both of them fell in love with each other. After dating each other for about two months, they got married in the year 1985. The credit for the phenomenal success of Uday Kotak goes to Pallavi, as she inspired her husband to start his own business instead of working in an MNC company on a high salary. This couple has two children. His son’s name is Jai Kotak. He did his MBA from Harvard Business School. are doing . And the name of his daughter……. Is .
After completing his MBA, Uday Kotak started business with the company “Kotak Capital Management Finance Ltd”. After some time this company went by the name “Kotak Mahindra Finance Ltd”. Uday Kotak took a loan of $ 80,000 dollars from friends and relatives to start the business. He initially turned the small business of Bill Discount Service into a giant $19 billion company with his intelligence and tireless work.
After the year 1986 Bill Discount service, the next year got into the business of lease and purchase. After getting success gradually, Uday started working in the auto sector in the year 1990. In the year 1991, he took over FICOM. It was the largest retail marketing network in India at that time. After that, Uday entered the fund syndication sector in the year 1992.
In the coming time, he incorporated his brokerage and distribution business into securities. Simultaneously the Investment Banking Division was incorporated into “Kotak Mahindra Capital Company”. In the year 1998, he entered the mutual fund market with the launch of “Kotak Mahindra Asset Management Company”. In the year 2003 Kotak Mahindra Finance Limited was converted into a commercial bank. This company of Uday Kotak became the first organization in India to do so. In the year 2004, he started India Growth Fund. It was a private equity fund.
In the year 2009, Uday opened an operative office in Dubai. With this he joined Ahmedabad Commodity Exchange as Anchor Investor. Uday Kotak created Ahmedabad Derivatives and Commodities Exchange, which was earlier Kotak Anchor Business, it was first operational as National Commodity Exchange. Till the year 2014, his company was in the country. It had become the second largest commercial bank. At present around 1250 branches of Kotak Bank (Privet & PSU) together are working. And this company is also listed in the stock exchange.
In the year 2014, Uday Kotak doubled his wealth. That year the share price of Kotak Mahindra Bank had reached an all-time high. In the month of November 2014, a deal of $ 2.4 Billion Dollar was signed for “ING Vaishya Bank per duel”. This company was under the control of Dutch Financial Service Group ING.
Uday Kotak started work in the general insurance sector in the year 2015 to accelerate his business. After that, he took further steps to start Small Payment Bank in partnership with Telecom magnate Sunil Mittal.
|Uday Kotak Biography
Uday Kotak has reduced his stake in Kotak Mahindra Bank to 30%. He had to take this step because of the guidelines of the Reserve Bank of India (RBI). RBI He is mandated to bring his stake in Kotak Mahindra Bank to 20% as per the information and instructions of the Bank. In the month of August 2019, he was the highest paid CEO (CEO) of any Indian bank with a monthly salary of 27 lakhs ($ 39,000 USD). CEO) was declared.
Uday Kotak is a member of the High Level Committee of the Government of India on Financing Infrastructure. He is also a member of the Primary Market Advisory Committee of the Securities and Exchange Board of India, the National Institute of Securities Markets and the Board of Governors of ICRIER. Uday Kotak Mahindra is a member of United World College of India. Along with this, he is the C.I.I. He is also a member of the National Council. He is also a member of the Strategic Board, a national law firm Cyril Amarchand gives advice to Mangaldas. At present, Uday Kotak and his company do not deserve any praise. Not his name but his work speaks. The tag line of this successful company is “Think Investments, Think Kotak”.
Awards & Honors
- He was awarded the Ernst & Young “Entrepreneur of the Year Award” in the year 2003
- In the year 2006, Uday Kotak was given the “Innovator of the Year Award” by CNBC TV18.
- He was awarded as the “Asian Asset Manager of the Year” in the year 2009.
- GIREM awarded Kotak Realty Funds with “The Investor of the Year Award” for the year 2009.
- In 2010, Uday Kotak was awarded Birud, the “Most Valuable CEO” by Business World.
- In June 2014, Uday Kotak was named the Ernst & Young World Entrepreneur of the Year 2014.
- In 2016, Uday Kotak was the only Indian financier to feature the most powerful people in the list of Money Masters: The Financial World, released by Forbes magazine, US.
- In the year 2017, India Today magazine released the list of 50 most powerful people, in which Uday Kotak got 8th place.
- In the year 2018, Uday Kotak was named one of the “Best CEO in the World” by CEO World Magazine Ranked among the top financial leaders for the 21st century by Euromoney Magazine.
Uday Kotak Controversy – Dispute – Controversy
In the year 2019, Uday Kotak and senior executives of his company faced serious allegations of forgery, fraud and alleged conspiracy. On receipt of the complaint, instructions were given to the Ministry of Finance by the Prime Minister’s Office to conduct a thorough investigation into the matter. Criminal conspiracy and illegal activity were cited in this complaint.