Jab Anand Mahindra met a young MBA: M&M Chairman recalls first encounter with Padma Bhushan Uday Kotak

Industrialist Anand Mahindra on Tuesday recalled his early meeting with banker Uday Kotak, describing how a young MBA graduate once walked into his office with a financial services idea that would later evolve into one of India’s most respected banking institutions.

The reflection came after Kotak’s recognition with the Padma Bhushan, one of India’s highest civilian honours, prompting Mahindra to share a personal note on social media highlighting their long association.

“It’s a special moment for both our families, Uday. I will never forget the moment when I met a freshly minted MBA who had decided to become an entrepreneur in financial services, and walked into my office to offer our company bill discounting facilities,” Mahindra wrote.



He added that Kotak’s journey from that early interaction in financial intermediation to building a leading banking institution stands out as “nothing short of a magnificent and inspiring journey.”

“From that small beginning in financial intermediation to becoming one of the most respected bankers in the world is nothing short of a magnificent and inspiring journey,” he said.

Mahindra also hinted at the continued evolution of Kotak’s journey, saying, “There’s so much more ahead of you….”

The post was in response to Kotak’s acknowledgement of the honour on X, where he described the moment as a “special moment.”

Kotak started out in 1985 with a small financial services venture focused on bill discounting before expanding into leasing, investment banking and lending. The turning point came in 2003, when his NBFC received a banking licence, paving the way for the creation of Kotak Mahindra Bank.

The Padma Bhushan recognition for Kotak has also been seen as acknowledgement of the broader evolution of India’s banking sector, particularly the rise of private banks that emerged in the post-liberalisation era and expanded access to credit, capital markets and corporate financing.