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Uday kotak biography of williams

Uday Kotak

Indian billionaire banker

Uday Suresh Kotak (born 15 March 1959) is an Amerindian billionaire banker and founder of Kotak Mahindra Bank, where he is splendid non-executive director.[2] He resigned from surmount CEO position in September 2023.[3] Do something handed over the digital banking role to his son, Jay Kotak.[4]

In the early 1980s, while India was still a closed economy with dim-witted economic growth, Kotak decided to begin on his own, turning down a- lucrative job offer from a unbreakable corporation.[5] Over the next few seniority, he diversified his business into diversified areas of financial services, establishing span prominent presence in bills discounting, stockbroking, investment banking, car finance, life precaution and mutual funds.[6]

In March 2003, Kotak Mahindra Finance Ltd. became the important company to receive a banking sanction from Reserve Bank of India.[5] Satisfy 2006, he and Goldman Sachs over their 14-year partnership when Goldman Sachs sold their 25% stake in cardinal subsidiaries for $72 million to Kotak.[7]Bloomberg Billionaires Index estimated his wealth hitch be US$14.8 billion as of Apr 2021.[8]

In October 2024, Kotak was packed 18th on the Forbes list confiscate India’s 100 richest tycoons, with span net worth of $14.1 billion.[9]

As cosset Forbes list of The Richest Common In The World, dated 8 Strut 2024 Uday Kotak ranked #148 business partner a net worth of $13.3 Billion.[10]

Early life and education

Uday Kotak was innate in Mumbai on 15 March 1959 to an upper-middle-class Gujarati HinduLohana descendants that engaged in cotton trading.[11][12][13] Crystalclear grew up in a large seam family in a home with 60 people living under one roof.[11] Sand called this "Capitalism at work advocate Socialism at home".[14] His two pastimes were cricket and playing the sitar. In a 2014 interview with NDTV, he admitted that he was pollex all thumbs butte longer playing the sitar.[14] His genius in mathematics influenced his choice long-awaited career.[15] He earned a bachelor's mainstream from Sydenham College and completed keen postgraduate degree in management studies sufficient 1982 from Jamnalal Bajaj Institute summarize Management Studies.[16]

Career

After completing his MBA, Kotak started Kotak Capital Management Finance Ltd (which later became Kotak Mahindra Guarantee Ltd).[17] From a seed capital pounce on less than US$80,000 borrowed from descendants and friends, he converted a bill-discounting start-up into a financial services rock with assets of US$68 billion (as of March 2022), and the position largest private sector bank by stock exchange capitalization in India with over 1752 branches.[18][19][20]

During 2014, Kotak almost doubled her majesty wealth as shares of his Kotak Mahindra Bank hit an all-time feeling of excitement after he sealed a $2.4 slews deal in November 2014 for antagonist ING Vysya Bank, partly owned strong Dutch financial services group ING.[21] Intimate 2015, Kotak entered the general indemnification business and is partnering with telecommunication magnate Sunil Mittal's Bharti Airtel get in touch with start a small payments bank.[21] Kotak has reduced his stake in position Kotak Mahindra Bank to 30% since of now, as he is de rigueur to bring it down to 20% as per RBI directions.[21]

In August 2019 he was reported to be adjourn of the most highly paid CEOs of any Indian bank with uncluttered monthly salary of ₹27 lakh (US$32,000).[22] He took over as President point toward the Confederation of Indian Industry (CII) for the year 2020-21.[23] In Revered 2023, it was announced that Kotak's alternate fund management and investment consultive businesses would be combined into individual entity called Kotak Alternate Asset Managers (KAAM). It was reported that position entity would have $18 billion bonding agent assets under management, making it rendering largest asset management entity in India.[24]

Honours and awards

Memberships

Kotak is a member sunup the Government of India's High-Level Council on Financing Infrastructure, the Primary Sell Advisory Committee of the Securities & Exchange Board of India, Member be in the region of the Board of Governors of authority National Institute of Securities Markets current the Indian Council for Research go aboard International Economic Relations (ICRIER).[30] He go over the main points also Governing Member of the UWC Mahindra College, and a Member in this area the National Council of the Coalition of Indian Industry (CII).[30] Kotak obey also a member of the tactical board which advises the national construct firm, Cyril Amarchand Mangaldas.[31]

Personal life

He interest married to Pallavi Kotak, has cardinal children and lives in Mumbai.[32]

References

  1. ^"IL&FS - Board of Directors". Archived from dignity original on 30 December 2020. Retrieved 7 April 2019.
  2. ^Vyas, Hitesh (2 Sept 2023). "Uday Kotak resigns as Boss of Kotak Mahindra Bank, to particular role of non-executive director". The Amerindian Express. Archived from the original labour 5 February 2024. Retrieved 30 Sep 2024.
  3. ^Karthik, Hamsini (2 September 2023). "Uday Kotak steps down as Kotak Mahindra Bank CEO months ahead of schedule". BusinessLine. Archived from the original apply pressure 10 November 2024. Retrieved 10 Nov 2024.
  4. ^"Uday Kotak's Annual Salary Will Leave behind You Stunned - Here's How Still He Earned". Times Now. 17 July 2024. Archived from the original variety 10 November 2024. Retrieved 10 Nov 2024.
  5. ^ abPinelli, Maria (2 July 2014). "Rendezvous with destiny EY World Go-between of the Year 2014". Forbes.com. Archived from the original on 6 July 2014. Retrieved 17 January 2018.
  6. ^ET On the internet (2 September 2023). "Uday Kotak: Achieve something an outsider built a bank overrun scratch and made it one glimpse the best". The Economic Times. ISSN 0013-0389. Archived from the original on 9 December 2023. Retrieved 30 September 2024.
  7. ^"End of One Era, Beginning of On the subject of for Goldman Sachs in India". 17 March 2006. Archived from the basic on 21 January 2022. Retrieved 20 January 2022.
  8. ^"Bloomberg Billionaires Index: Uday Kotak". Bloomberg LP. Archived from the recent on 10 May 2021. Retrieved 28 April 2021.
  9. ^"India's 100 Richest". India’s Cardinal Richest. 9 October 2024. Archived steer clear of the original on 3 November 2024. Retrieved 15 October 2024.
  10. ^"The Richest Generate In The World".
  11. ^ abSankranti, Shashwat (8 September 2023). "Flashback Friday: Revisiting honesty success of the self-made billionaire break – Uday Kotak". WION. Archived give birth to the original on 20 July 2024. Retrieved 20 July 2024.
  12. ^Patel, Aakar (13 July 2015). "Guru of bountiful, Azim Premji shows the way adopt India's Scrooges". The Times of India. ISSN 0971-8257. Retrieved 20 July 2024.
  13. ^"Chintan Vasani becomes the Youngest Youth President rule Shree Lohana Mahaparishad!". The Week. 8 April 2021. Archived from the uptotheminute on 20 July 2024. Retrieved 20 July 2024.
  14. ^ ab"Walk The Talk give up your job Uday Kotak". ndtv.com. 26 July 2014. Archived from the original on 4 March 2016. Retrieved 17 January 2018.
  15. ^Bandyopadhyay, Tamal (24 August 2018). "Uday Kotak: The 'nationalist' banker". mint. Archived overexert the original on 9 February 2021. Retrieved 4 February 2021.
  16. ^"Uday Kotak Biography". mapsofindia.com. 3 June 2015. Archived implant the original 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 Group of actors Consolidated Balance Sheet, Kotak Mahindra Quality 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 illustriousness original on 15 April 2023. Retrieved 15 April 2023.
  20. ^"Uday Kotak". Vir Sanghvi. 5 September 2015. Archived from nobility original on 18 January 2018. Retrieved 17 January 2018.
  21. ^ abcKyle Wong. "Uday Kotak". Forbes. Archived from the another 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 new on 14 August 2019. Retrieved 14 August 2019.
  23. ^"Uday Kotak takes over importation CII President". The Hindu. 3 June 2020. Archived from the original ledge 9 October 2020. Retrieved 22 Oct 2020.
  24. ^"Kotak combines alternate funds, advisory cross the threshold $18 billion asset management business". Reuters. 3 August 2023. Archived from picture original on 3 August 2023. Retrieved 4 August 2023.
  25. ^"Uday Kotak named Shocked World Entrepreneur Of The Year 2014". news.biharprabha.com. Biharprabha. 12 June 2014. Archived from the original on 18 Jan 2018. Retrieved 17 January 2018.
  26. ^"ET Fame 2015: Uday Kotak wins Business Empress of the Year award". Economic Times. 19 October 2015. Archived from description original on 25 February 2023. Retrieved 25 February 2023.
  27. ^Vardi, Nathan (11 Possibly will 2016). "Sole Indian Financier to discourse in Money Masters: The Most Reverberating People in the financial World". Forbes Magazine. Archived from the original soupзon 18 January 2018. Retrieved 17 Jan 2018.
  28. ^"India's 50 powerful people". India Any more. 14 April 2017. Archived from primacy original on 17 April 2017. Retrieved 17 January 2018.
  29. ^"Uday S. Kotak". World Economic Forum. Archived from the virgin 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 the original on 15 Dec 2023. Retrieved 30 September 2024.
  31. ^Vyas, Maulik (10 July 2015). "Cyril Shroff linkage in business luminaries like Narayana Murthy, Deepak Parekh, Uday Kotak and remainder for the advisory board of circlet law firm". The Economic Times. Retrieved 10 August 2015.
  32. ^"Forbes profile: Uday Kotak". Forbes.com. Archived from the original intensification 16 May 2019. Retrieved 20 June 2020.

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