Uday Kotak

Uday Kotak

Founder, CEO & MD, Kotak Mahindra Bank Ltd
Birth DetailsMarch 15, 1959 | Mumbai
NationalityIndian
LeagueEntrepreneur
EducationBachelor’s in Commerce & Master’s in Management Studies, Jamnalal Bajaj Institute of Management Studies, Mumbai
Net Worth$11.5 billion (as of August 10, 2020)
Uday Kotak's Assets

Uday Kotak's Journey so far...
  • Although he came from a business background, Uday Suresh Kotak decided to pursue his own entrepreneurial dreams
  • So in 1985 at the age of 26, with some seed money raised from family and friends and a 300 square-feet office lent to him by his father, he started his own finance firm which was initially called Kotak Capital Management Finance
  • Soon after, Anand Mahindra of Mahindra and Mahindra Ltd. came on board as an investor, and in 1986 the company was renamed as Kotak Mahindra Finance Ltd.
  • As time passed, the company diversified its offerings to include stock brokerage, investment banking, mutual funds and insurance services
  • In 1995, Kotak’s firm became the first-ever company to form a joint venture with Goldman Sachs. The joint venture came to an end in 2006 when the former bought back its shares for $75 million
  • In 2003, Kotak Mahindra Finance became India’s first, private-sector non-banking financial company (NBFC) to become a commercial bank
  • The year 2015 marked a significant milestone for Kotak when the bank merged with ING Bank’s India chapter -- ING Vysya
  • In 2016, his company acquired 19.9% equity shares of Airtel Payments Bank (then known as Airtel M Commerce Services Ltd.)
  • In 2017, the company purchased BSS Microfinance Limited for $21 million
  • Today, Kotak Mahindra Bank is one of India’s four largest private-sector banks which offers a wide range of financial services including banking, stockbroking, investment banking, car finance, life and general insurance and asset management. With around 1,600 branches, the bank has presence all across India and in several major cities around the globe
  • Currently, Kotak himself owns around 26% of Kotak Mahindra Bank and is the world’s richest self-made banker
  • Kotak is a firm believer in the concept of empowerment using education and through the Kotak Education Foundation runs several programmes to benefit the underprivileged

Before you go...
  • Despite being a top academic performer, Kotak was an avid sports fan and played several sports in his younger days
  • At times, Kotak has mentioned that if not an entrepreneur, he would have loved to be a cricketer
  • He had to go through a life-saving surgery once after getting hit by a ball while playing cricket
  • The demonetisation drive launched by PM Narendra Modi on November 8, 2016, became the basis for the nomenclature of the bank’s Kotak 811 service

Last Updated: 12/02/2021

Uday Kotak News

  • Banking doyen Uday Kotak has urged Indian companies to invest in the future, calling Alphabet's $80 billion fundraise a wake-up call. He emphasized shifting focus back to business building now that the IPL has concluded. Kotak highlighted that even profitable tech giants like Alphabet continue to invest heavily in long-term innovation, stressing the need for Indian firms to avoid complacency.
  • Veteran banker Uday Kotak urged Indian companies to urgently invest in future technologies, especially AI, citing Google's massive $80 billion capital raise. He highlighted that global tech giants are aggressively reinvesting despite strong profits, a stark contrast to India's restrained long-term innovation spending. Kotak called for a renewed focus on business and competitiveness.
  • Uday Kotak, Founder and Director of Kotak Mahindra Bank, emphasized that it is time for India to focus on the business of business now that other distractions have concluded. This call to action comes as global technology giants scale up their financial capacity to build next-generation infrastructure, highlighting a massive scale gap between global tech corporations and the Indian corporate landscape.
  • Industrialist Anand Mahindra reminisced about his first meeting with Uday Kotak, a young MBA graduate who pitched a bill discounting idea that evolved into a leading banking institution. Mahindra lauded Kotak's "magnificent and inspiring journey" from financial intermediation to becoming a respected global banker, acknowledging his recent Padma Bhushan honor.
  • President Droupadi Murmu presented India's top civilian honours. Violinist N. Rajam received the Padma Vibhushan for her classical music contributions. Former Governor Bhagat Singh Koshyari and banker Uday Kotak were awarded the Padma Bhushan. Actor Dharmendra was posthumously honoured with the Padma Vibhushan for his cinema work. His wife Hema Malini accepted the award.
  • Veteran banker Uday Kotak urged India to embrace innovation and disruptive thinking to become a powerful economy, warning that excessive focus on preservation could hinder its rise. He emphasized the need for more creation and destruction, akin to Brahma and Mahesh, to drive economic change in a world increasingly defined by raw power and strategic control.
  • As tensions in the Middle East escalate, India grapples with an uncertain future. Uday Kotak has raised alarms about sharp increases in energy costs, forecasting a seismic shift in global dynamics that demands vigilant preparation. The ripple effects have yet to reach everyday consumers, but a growing current account deficit looms large.
  • Business tycoon Uday Kotak warns that the real economic pain from the Iran war is yet to hit Indian consumers, with soaring energy prices poised to trigger a major financial shock.
  • CII Annual Summit: Uday Kotak issued a rallying cry for India to gear up for looming global challenges. He stressed upon the importance of a proactive stance rather than a wait-and-see approach for India to successfully navigate the current global turmoil.
  • India's top business leaders gathered for the ET Awards in Mumbai. The event celebrated achievements and fostered conversation. Dignitaries like Nirmala Sitharaman and N Chandrababu Naidu attended. The evening highlighted India's economic vitality and the importance of peace for business success. Attendees enjoyed diverse culinary offerings and networking opportunities.
  • Finance veteran Uday Kotak warns of a return to global colonialism, citing the West Asia conflict. He believes this phase echoes early 20th-century events. Kotak emphasises India's need to bolster its 'middle manufacturing' sector, involving investments up to Rs 1,000 crore.
  • Tensions flare in the Middle East as Donald Trump issues a stark ultimatum regarding the Strait of Hormuz. Uday Kotak calls the US proposal of taking of the Strait of Hormuz as a return to colonialism. Speaking at a FICCI event, Kotak said the idea of controlling and “renting” the Strait of Hormuz reflects a shift towards hard-power geopolitics.
  • Kotak Mahindra Bank said it is reconciling fixed deposits and accounts linked to the Municipal Corporation of Panchkula after reports of ₹150 crore missing funds surfaced. The bank said the exercise was initiated at the corporation’s request and a large portion has already been matched. It added that account processes and transactions followed due norms and that it has filed a complaint with local police while cooperating with authorities.
  • Uday Kotak has increased his stake in Infina Finance through his family trust, acquiring 8.99% for ₹375.35 crore as part of a broader stake sale by Kotak Mahindra Capital Company. In the larger transaction worth ₹1,293.91 crore, KMCC sold a 30.99% stake in Infina Finance.
  • Kotak Mahindra Bank is exploring acquisitions to deploy its surplus capital and expand its scale, CEO Ashok Vaswani said. The lender has a strong capital position, with a capital-to-risk ratio of 22.6%, allowing it to consider even deals above $1 billion, though it will assess whether targets fit its strategy, valuation and management focus.
  • Goyal was hailed for creating "not just shareholder value but also thousands of jobs" and "empowering an ecosystem of entrepreneurs" across the country.
  • Uday Kotak, founder of Kotak Mahindra Bank, has been appointed as the new chairman of Gujarat International Finance Tec-City Company (GIFT City). He takes over from Hasmukh Adhia, who held the position since June 2023. Kotak's extensive experience in the financial services sector makes him a significant appointment for the development of GIFT City.
  • The Gujarat government has appointed Uday Kotak as chairman of Gujarat International Finance Tec-City Company Ltd (GIFT City), according to an ET Now report. Kotak, founder of Kotak Mahindra Bank, led the group’s growth into a diversified financial services firm and earlier headed a SEBI committee on corporate governance reforms.
  • Kotak Mahindra Bank is significantly expanding its technology team, aiming to hire 500 engineers. This move aims to enhance its long-term competitiveness by transforming into a technology company with a banking license. The bank is investing heavily in AI and automation to improve services and efficiency. This strategic push is set to redefine its operational landscape.
  • USK Capital, the family office of Uday Kotak, has made its first foreign investment by acquiring a majority stake in US-based snacking brand Go Raw. This overseas direct investment marks a significant move for the family office into the growing healthy eating trend. The acquisition was made through one of USK Capital's operating entities, with financial details not disclosed.
  • Mukesh Ambani led India's billionaire wealth surge in 2025, adding $16.5 billion as Reliance Industries rallied nearly 30%. Gautam Adani also saw his fortune grow by $5.9 billion following a clean chit from Sebi. Conversely, Shiv Nadar and Azim Premji experienced wealth declines amid IT stock downturns.
  • Uday Kotak, founder of Kotak Mahindra Bank, shares his thoughts as 2025 concludes. He highlights the technological and economic advancements his generation has witnessed. Kotak also points to potential losses such as reduced in-person interactions and environmental issues. He expresses hope for a more sensitive and balanced 2026.
  • Uday Kotak welcomed MUFG Bank’s Rs 39,618 crore investment in Shriram Finance, questioning whether it should remain an NBFC or eventually seek a banking licence amid regulatory trade-offs and growth opportunities.
  • A distinguished jury of India's top business leaders met at The Malabar to select winners for the ET Awards for Corporate Excellence. The panel, featuring prominent figures like Sunil Bharti Mittal, Uday Kotak, and Roshni Nadar Malhotra, focused on future trajectories and impactful achievements. Discussions covered entrepreneurial spirit and business acumen.
  • India's top business leaders convened to discuss the nation's economic trajectory, acknowledging both global challenges and domestic strengths. They highlighted rural transformation, political stability, and entrepreneurial spirit as key confidence boosters. However, concerns linger over innovation, R&D investment, and the need for greater private capital deployment to sustain momentum towards global leadership.
  • Indian corporate leaders at the ET CEO Roundtable highlighted India's stability as a significant opportunity amidst global turmoil. They urged entrepreneurs to invest boldly, even at the cost of short-term profits, to capitalize on the nation's growth potential and innovation. Participants emphasized the need for administrative and judicial reforms to fully unlock this promising future.
  • Corporate leaders at the ET CEO Roundtable urged Indian entrepreneurs to increase investments, citing the nation's economic and political stability as a significant opportunity. Despite strong GDP growth, private sector investment remains subdued, prompting calls for companies to prioritize scale and innovation, even if it impacts profit margins.
  • The Indian Rupee is nearing 90 against the US Dollar. Foreign investors are selling Indian stocks, impacting market performance. Domestic investors are buying, but foreign selling is currently dominant. This situation calls for Indian businesses to adapt. Export-oriented sectors may benefit from the weaker Rupee, while import-dependent sectors face increased costs.
  • The rupee’s breach of 90 per dollar has amplified concerns over sustained foreign selling in Indian equities, with Uday Kotak warning that while overseas investors appear “smarter” for now, the long game remains uncertain. Heavy outflows, hedging demand, and weakening FDI have pushed the currency to its most fragile point in years.
  • Uday Kotak calls on India's youth to exit their comfort zone and actively pursue national progress. He states that the country's success is not assured and requires a restless, determined approach.
  • MCX’s surge past Rs 10,000 milestone, has turned Uday Kotak’s 2014 crisis-time investment into a massive 1,618% gain, with Kotak Mahindra Bank’s 15% stake now valued at ₹7,887 crore. The rally follows strong earnings, rising 29% YoY, and has pushed the stock well above key moving averages despite elevated volatility.
  • Indian banks face high costs and competition as savers invest more in equity. Banks are becoming financial supermarkets but must innovate to retain customers. Technology offers tools for adaptation and decentralization. Customers can easily switch investments. Banking Darwinism will prevail as the economy becomes more financialized.
  • As Kotak reflects on four decades of building an institution and Vaswani focuses on shaping its digital future, both leaders describe a sector in transition. Money is moving faster, customer behaviour is changing and technology is redrawing the map. Their message is that the bank must continue adapting -- leaning on its diversification, its culture and its ability to stay relevant across generations.
  • Advertising legend Piyush Pandey, who shaped the distinct character of Indian advertising, passed away at 70, leaving a void that few can fill. Known for campaigns like “Har Ek Friend Zaroori Hota Hai”, “Fevicol ka mazboot jod”, and “Mile Sur Mera Tumhara”, Pandey’s work blended honesty, humor, and cultural authenticity, turning ads into part of India’s cultural fabric. Beyond his campaigns, he inspired generations of creative professionals at Ogilvy with his mentorship, simplicity, and focus on ideas over process.
  • During a keynote address, Uday Kotak, recognized as India's wealthiest banker, pointed out the country’s limited bargaining power in tariff negotiations with the US. He passionately argues for the establishment of robust institutions and globally competitive consumer brands. Kotak calls on Indian companies to embrace innovation and creativity, likening their potential to that of renowned US tech leaders.
  • The M3M Hurun India Rich List 2025 identifies pharmaceuticals, industrial products, chemicals, and software as key wealth-generating sectors, featuring top billionaires like Cyrus S. Poonawalla and Roshni Nadar Malhotra. Simultaneously, emerging sectors such as jewellery and construction are significantly contributing new billionaires, reflecting a broadening base of wealth creation across the Indian economy.
  • Uday Kotak urges Modi's government to bolster SMEs with fiscal support amidst US tariff concerns, viewing it as an opportunity for economic transformation. He emphasises India's strong macroeconomic fundamentals but warns against complacency, advocating for enhanced productivity and global competitiveness to avoid the middle-income trap. Other industry leaders echo the call for government intervention.
  • Ukrainian President Zelenskyy's recent Oval Office visit, marked by a formal suit and gratitude, signaled a shift from previous tense encounters with US President Trump. This approach, contrasting sharply with earlier criticisms, fostered a warmer atmosphere, leading to discussions on security guarantees and a potential Zelenskyy-Putin meeting.
  • Uday Kotak emphasizes the importance of power in international relations. He compares the US and China, highlighting their economic leverage. Kotak notes India's current lack of power. He urges India to increase its speed in building raw power. Kotak advises India to protect its interests and avoid traps. He suggests India should posture for a better economic relationship with China.
  • Uday Kotak cautions India to brace for economic challenges in the next few years due to global tensions, advocating for a stronger emphasis on domestic growth. He urges strategic positioning between the US and China, advising India to prioritize its self-interests and avoid being caught in their crossfire.
  • Uday Kotak advises India to brace for global economic uncertainty. He emphasizes focusing on national interests amid unpredictable international figures like Donald Trump. Kotak suggests a strategic response to Trump's rhetoric, including understanding his personality. He advocates for economic flexibility, even engaging with China if needed. Kotak stresses building a strong domestic economy through capital support and faster manufacturing.
  • Tata Trusts is convening a strategic meeting to address Tata Sons' listing status as the RBI deadline approaches, potentially considering board additions like Uday Kotak and Bahram Vakil. With Ralf Speth and Ajay Piramal nearing retirement, board-level changes are anticipated.
  • India's derivatives market boom sparks concerns. Experts debate if it's gambling or efficient capital transfer. Uday Kotak and Sebi highlight risks for small investors. The Jane Street case shows manipulation. Sebi aims to boost cash equities. Lowering trading costs and easing regulations are key. Tax adjustments and margin rule updates are suggested. The goal is affordable speculation and market depth.
  • India's business landscape is shifting as scions of affluent families pursue diverse passions beyond traditional management roles. Dilip Piramal's VIP Industries sale exemplifies this trend, with younger generations favoring fields like arts and philanthropy. While access to capital democratizes, economic power concentrates among fewer conglomerates.
  • Uday Kotak expressed concerns about the influence of money power in the stock market, emphasizing the need for capital formation and fair price discovery. He flagged the reliance on trading volumes over fundamentals in exchange and brokerage business models. This statement follows SEBI's action against Jane Street for market manipulation, highlighting concerns about market integrity.
  • Uday Kotak flagged structural flaws in Indian markets — warning against excessive money power, distorted liquidity, and volume-driven business models. Kotak’s remarks come as Sebi details how Jane Street allegedly gamed index expiry trades to book massive profits, raising fresh questions about fairness and transparency in derivatives trading.
  • Uday Kotak highlights a significant shift in India's financial landscape. Mutual fund assets, particularly in equities, now constitute 31% of bank deposits. This surge reflects a structural change where savers are increasingly becoming investors. It fosters domestic risk capital and an equity culture.
  • Uday Kotak highlights a significant transformation in India's financial ecosystem, with savers increasingly embracing equity investments. Mutual fund assets, predominantly in equity schemes, have doubled to 31% of bank deposits post-Covid, signaling a structural shift. While this strengthens domestic risk capital, Kotak advises caution against excessive market exuberance.
  • South Mumbai's Worli is becoming a hotspot for India's wealthiest, with the under-construction Naman Xana tower attracting high-value deals. Tanya Dubash purchased a duplex for ₹226 crore, while Leena Gandhi Tewari made a record-breaking ₹639 crore purchase. Uday Kotak and his family also invested over ₹200 crore in a nearby building, solidifying Worli as a billionaire zone.
  • Uday Kotak lauded the central bank's monetary policy announcement as bold and strategic. He emphasized the 50 basis point rate cut, the 100 basis point CRR reduction, and the shift to a neutral policy stance. Kotak believes this nuanced approach effectively balances economic growth with the need to maintain macroeconomic stability amidst global challenges and weak demand.
  • Mumbai's property market continues its strong performance, achieving record stamp duty collection in May, exceeding Rs 1,062 crore. This growth is fueled by robust sales and sustained homebuyer demand, despite rising property prices and increased ready reckoner rates. Registrations exceeded 11,565 deals, driven by high-value properties and residential demand.
  • Leena Gandhi Tewari, chairperson of USV Ltd, has acquired two luxury sea-facing duplex apartments in Mumbai's Worli for ₹639 crore, setting a new record for the most expensive residential property sale in India at over ₹2.83 lakh per sq ft.
  • Japanese bond yields surged after BoJ's Noguchi downplayed intervention needs, triggering concerns amid rising inflation, weak auctions, and political uncertainty. Global ripple effects, including on U.S. Treasuries, are being felt. However, India's bond market remains stable, with low inflation and strong fundamentals favoring long-duration strategies despite global volatility.
  • In a post on social media platform X (formerly Twitter), Kotak highlighted that India's 10-year bond yield is at 6.20% per annum, while the US stands at 4.60%. This represents a gap of 1.60%, underscoring a significant compression in the spread between the benchmark yields of the two countries.
  • Uday Kotak's family office has completed the acquisition of a residential building on Worli Sea Face for over Rs 400 crore, setting a new record for Indian property prices at approximately Rs 2.75 lakh per square foot. The strategic purchase, located next to the Kotak's Champagne House property, has sparked speculation about potential future development plans for the combined land.
  • Driven by geopolitical tensions and economic uncertainty, gold prices have surged, delivering impressive returns, especially for those who bought on Akshaya Tritiya. While gold offers diversification and liquidity, experts advise allocating only 15-20% of a portfolio to it. Sovereign Gold Bonds provide tax benefits, and Indian women's significant gold holdings underscore its enduring value as a store of wealth.
  • As gold prices surge, nearing ₹1 lakh per 10 grams, Indian business leaders like Uday Kotak and Sridhar Vembu are praising the nation's traditional investment in the precious metal. Kotak lauded Indian households' faith in gold, while Vembu emphasized its intrinsic value and role in economic resilience. Online discussions highlight concerns about accessibility for ordinary citizens amidst rising prices.
  • Gold prices have surged, reaching ₹1 lakh per 10 grams, prompting Uday Kotak to praise Indian homemakers as astute investors. This milestone occurs before Akshaya Tritiya, potentially influencing consumer behavior. Global factors like tariff tensions and economic uncertainties are fueling the rally, with analysts noting shifts in consumer preferences towards alternative jewelry options alongside traditional gold investments.
  • Alberta Investment Management Corporation (AIMCo) is in preliminary talks to acquire a significant minority stake in Maple Infrastructure Trust, an Indian infrastructure trust owned by CDPQ. CDPQ aims to raise $300-400 million through this fundraising round, with PSP Investments also in contention.
  • "The high-level committee shall comprehensively review and make recommendations for enhancing the existing framework for managing conflicts of interest, disclosures and related matters towards ensuring the high standards of transparency, accountability, and ethical conduct of members and officials of the board," Sebi said in a statement on Wednesday.
  • Global trade is experiencing significant shifts due to President Trump's tariff threats, causing market volatility and recession fears. Experts believe this marks an end to the era of free trade, urging countries to bolster export competitiveness and adapt to changing trade dynamics.
  • Sridhar Sivaram from Enam Holdings discusses the impact of US tariffs and trade policies under Donald Trump. Highlighting the imbalance in tariffs, he argues that US demands for fair play are justified. Sivaram predicts short-term calm with many countries offering zero tariffs, though significant uncertainty persists around China.
  • Uday Kotak, Asia's richest banker, warns of a significant deposit crunch threatening banks with margin erosion. Retail deposit growth is slow, pushing banks towards expensive bulk deposits. This situation leads to negative lending margins, especially with home loans. The challenge persists amid high-term deposit rates, tighter liquidity, and RBI's policy rate cuts.
  • Kotak Mahindra Bank's private banking unit plans to add thousands of new families to mitigate falling margins in India's wealth management sector. Last year, the division added 2,280 new families and aims to maintain this growth rate while leveraging technology and expanding into smaller cities.
  • The Indian stock market has experienced a sustained dip, driven by global funds exiting the market and domestic investors stepping in. Retail investors, unfamiliar with market valuations, risk significant losses without better saving options. Policymakers must provide alternatives to mitigate potential economic and trust impacts.
  • India's young billionaire heirs are prioritizing stock market trading and leisure over traditional business responsibilities. This shift has raised concerns about their work ethic and dedication to building successful companies, contrasting sharply with the industrious approach of past generations.
  • Uday Kotak expresses concern over declining entrepreneurial drive among business families, with the new generation preferring investment management over creating businesses. He highlights the importance of separating roles of investors and managers for better economic growth and efficient wealth creation.
  • Next-generation family business owners in India are increasingly shifting their focus from traditional businesses to managing family offices and private equity investments. This trend suggests a move towards high-growth opportunities and asset-light businesses, challenging the conventional idea of prioritizing core operating businesses.
  • The Congress party has emphasised the need for professional regulation of India's financial markets and called for a comprehensive overhaul of SEBI. Concerns have been raised about the risks of excessive financialisation, with calls for improved scrutiny and balanced market considerations.
  • Uday Kotak warns that India's economic 'animal spirits' are fading as young business families focus more on investments than building companies. He urges policymakers to address the impact of US policies pulling foreign capital away. Kotak stresses the need for a national strategy to counter this challenge and navigate the current economic environment.
  • Uday Kotak warned against excessive protectionism, urging India to embrace competition instead of shielding domestic industries with high tariffs. While some protection is needed for emerging sectors, excessive barriers can stifle innovation, reduce productivity, and hinder India's integration into global supply chains, ultimately limiting long-term economic growth and competitiveness.
  • Billionaire Uday Kotak buys an entire building on Worli Sea Face for over Rs 400 crore, setting a national pricing record at Rs 2.72 lakh per sq ft. The 19 Shiv Sagar property, adjacent to Champagne House, could potentially see redevelopment or another project.
  • Uday Kotak emphasizes the need for India to encourage broad-based enterprise, minimize excessive regulation, and focus on creating a competitive environment. In light of Trump's return, he advises against protectionism and calls for deregulation, free market forces, and investments in defence. He warns that overregulation could impede innovation and growth.
  • The Finance Ministry has appointed two new members to the Governing Council of the National Investment and Infrastructure Fund Trustee Ltd (NIIFTL) with SBI Chairman C S Setty and Kotak Mahindra Bank director Uday Kotak joining the council. NIIF was set up to boost infrastructure financing, amidst recent approval for additional equity infusion by the government.
  • EMS is seeing rapid growth similar to the IT services boom. There is significant potential in tech-driven financial services, consumption patterns, and component manufacturing. Companies in these sectors are innovating and building substantial customer bases. Growth opportunities are appearing in traditionally overlooked sectors, and careful evaluation of valuations is essential for long-term investment success.
  • Irdai is urging promoters of large unlisted insurance companies such as Bajaj Allianz, HDFC Ergo, SBI General, and Kotak Life to present a clear road map for listing within the next two to three years to benefit policyholders and investors, emphasizing the importance of stricter disclosure norms.
  • Uday Kotak, Founder of Kotak Mahindra Bank, highlights ten priorities for India's economic growth in 2024. He emphasizes economic growth, shunning protectionism, eliminating current account deficit, investing in defence, fiscal consolidation, avoiding over-regulation, ensuring free and fair markets, and reducing pollution in cities. India's economy needs to prepare for sustained growth and competitiveness.
  • Uday Kotak's 10-point action plan for India includes focusing on growth, productivity, eliminating current account deficit, increasing defense investment, maintaining fiscal consolidation, avoiding over-regulation, respecting free markets, and tackling pollution as India approaches its 77th year.
  • India's long-term growth remains robust despite global turmoil, say leaders at ET CEO Roundtable. Strong policies, demographics, and banking resilience to overcome short-term challenges and fuel optimism.
  • India's business leaders express optimism about the country's long-term economic growth prospects despite global uncertainties and short-term challenges. They emphasize the strength of the domestic economy, fueled by a young population and supportive economic policies, while acknowledging the need to address issues like job creation and infrastructure development.
  • At the ET CEO Roundtable 2024, Uday Kotak, Chairperson of Kotak Securities, asserted that US President-elect Donald Trump will maintain the US dollar's dominance. Kotak highlighted the US's strength in military, banking, technology, and energy, urging other nations to strengthen their positions.
  • Kumar Mangalam Birla, chairman of the Aditya Birla Group, whose business interests span continents, will join Mukesh Ambani and billionaire banker Uday Kotak, who built Kotak Mahindra Bank into one of India’s top financial institutions, on the powerpacked panel to debate on the topic ‘Changing World Order: Time for Cautious Optimism or Embrace of Animal Spirits?’.
  • Uday Kotak, Asia's richest banker, urged India to prioritize efficiency and timely execution for economic growth. He emphasized the need to improve the "Return on Time Invested" (ROTI) and move away from a culture of delays. Kotak highlighted military strength, financial competitiveness, and creativity as crucial areas for India's development over the next two decades.
  • Billionaire banker Uday Kotak outlined three key areas where India needs to improve to achieve transformative change: military strength, financial dominance and enhanced creativity. He emphasised the need for increased defence spending, achieving reserve currency status, and fostering a culture of innovation to propel India towards becoming a global powerhouse.
  • Uday Kotak emphasized the importance of a broad-based economic growth in India, arguing that the country's progress shouldn't rely solely on a few large companies or groups. Kotak also called for a shift from protectionism to competition, while advising vigilance on inflation, fiscal math, and current account deficit.
  • In Samvat 2080, Kotak Mahindra Bank's Uday Kotak highlights India's opportunity to become a top-three economy globally, stressing on cautious investment for sustainable growth amidst market volatility. He emphasizes the need for improved ease of doing business and diverse, globally competitive companies.
  • Kotak Mahindra Bank, aiming to be India’s third largest private sector lender by 2030, faces significant M&A risks and integration challenges, Bernstein Research a part of the Société Générale group has said. A 7% profit growth over Axis Bank appears elusive organically, prompting potential inorganic growth through acquisitions like IDBI Bank or smaller banks.
  • Kotak suggested that investors adopt a holistic approach to financial services, emphasizing the need for a mindset shift in response to the evolving landscape of household financial assets. This, according to Kotak, is essential for successful financial management in the future.
  • Kotak Mahindra Asset Management plans to launch its first private credit fund, aiming to raise around 10 billion rupees. This move follows other firms like Nippon Life India and ICICI Prudential entering the direct lending market. The fund will focus on performing credit and is expected to launch by December after regulatory approvals.
  • Priyanjali Mariwala, from the promoter family of consumer goods company Marico, has purchased a luxury apartment in Mumbai’s Bandra-Kurla Complex (BKC) for Rs 65.25 crore. The apartment spans nearly 8,300 sq ft and is located on the first floor of the super-premium residential tower Signature Island. Mariwala acquired the property from Starlight Systems, a part of the project's developer Sunteck Realty.
  • Adani Hindenburg row: Senior lawyer Mahesh Jethmalani has alleged that a businessman with ties to China commissioned a report by Hindenburg Research, resulting in a significant decline in Adani Group shares in January 2023. Jethmalani claimed that Chinese spy Anla Cheng and her husband Mark Kingdon hired Hindenburg and used Kotak Mahindra Investments Limited to establish a trading account for short-selling Adani shares. This move, according to Jethmalani, led to substantial profits for them while causing financial harm to numerous Indian retail investors.
  • Kotak Hindenburg Adani SEBI: US-based short-seller Hindenburg Research disclosed that SEBI accused them of violating Indian regulations, calling the charges "nonsense" and alleging they aim to silence critics of powerful figures. For the first time, Hindenburg implicated Kotak Mahindra Bank in the Adani controversy, causing the stock to dip sharply.
  • Hindenburg Research said Kotak Mahindra Bank setup an offshore fund structure to short Adani stocks, causing Kotak's shares to drop by up to 4% to a low of Rs 1,737 on the NSE. The investment firm also targeted Uday Kotak, the founder of the bank, who personally chaired Sebi's 2017 Committee on Corporate Governance.
  • Adani Hindenburg Row: In the latest turn of events, Hindenburg revealed it received a show-cause notice from India's market regulator SEBI over alleged violations related to its bets on Adani Group stocks. Kotak Bank was also entangled in the latest developments. Previously, Hindenburg Research had accused the Adani Group of stock market manipulation and accounting fraud.
  • Thursday evening, debt-ridden telecom operator Vodafone Idea announced after a board meeting that it will issue preferential equity of 1.66 billion shares at Rs 14.80 per share to Finland’s Nokia and Sweden’s Ericsson, for a total of up to Rs 2,458 cr, to settle part of their pending dues.
  • Finance industry veteran Uday Kotak highlighted the cautious nature of businessmen in speaking truth in front of those in power at the launch of a book 'Hamara Rahul' based on the life of Bajaj Group's former chairman emeritus Rahul Bajaj. Kotak praised Bajaj's courage in speaking out on important issues, citing instances where Bajaj fearlessly addressed concerns even in the presence of influential figures like Union Home Minister Amit Shah.
  • The CEA pushed for macro and financial stability, stressing that "sometimes it may be necessary to forgo rapid growth opportunities in favour of stability". This will ensure that the country remains on the high growth orbit for a longer period, he indicated. He pointed at the massive spurt in credit in the early part of this century and the subsequent spike in bad loans in the banking assets, which weighed down growth in the second decade of this century.
  • Kotak, the banking industry stalwart, hailed India's transition from a nation of savers to investors. Reflecting on the past, he recalled companies resorting to foreign exchanges for capital. He emphasized India's shift towards investment culture, notably through SIPs. Despite a recent decline in equity fund inflows, SIP contributions hit a record high, showcasing India's growing appetite for investment.
  • The lender, backed by billionaire Uday Kotak, has already brought on board more than 500 engineers from scratch over the last two years, according to Milind Nagnur, the bank’s chief technology officer. It has pulled them from firms like Google and Amazon.com Inc. as well as from Paytm and PhonePe Pvt., Nagnur said in an interview.
  • Nita Ambani leads the 10th year of The Economic Times’ 40 under Forty listing, with a 13-member jury selecting India Inc’s future business leaders in Mumbai on May 9, including prominent figures from various industries.
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Bharathiraja cause of death: Veteran Tamil actor-filmmaker dies at 84Bharathiraja cause of death: Veteran Tamil actor-filmmaker dies at 84
Latest Malayalam, Tamil, Telugu, Kannada OTT releases: Karuppu to Dridam, new movies and shows on Netflix, JioHotstar, Prime VideoLatest Malayalam, Tamil, Telugu, Kannada OTT releases: Karuppu to Dridam, new movies and shows on Netflix, JioHotstar, Prime Video
Ravi Mohan divorce case update: Why the Madras HC rejected the actor's recent plea in maintenance dispute with estranged wife Aarti RaviRavi Mohan divorce case update: Why the Madras HC rejected the actor's recent plea in maintenance dispute with estranged wife Aarti Ravi
Quote of the day from Sigmund Freud: 'Many adults are still trying to earn love from parents who only rewarded performance...' How childhood experiences can make people chase constant validation from othersQuote of the day from Sigmund Freud: 'Many adults are still trying to earn love from parents who only rewarded performance...' How childhood experiences can make people chase constant validation from others
Korean proverb of the day: 'There is no man alive who will not climb over a neighbour's wall to steal after starving for three days...' A life lesson on what survival can make people doKorean proverb of the day: 'There is no man alive who will not climb over a neighbour's wall to steal after starving for three days...' A life lesson on what survival can make people do
Proverb of the day: ‘But what love has bound together, time cannot unbind’; lessons on how true love can overcome any challenges and time cannot make genuine affection fadeProverb of the day: ‘But what love has bound together, time cannot unbind’; lessons on how true love can overcome any challenges and time cannot make genuine affection fade
Quote of the day by Rosemary’s Baby star Mia Farrow: ‘Life is about losing and about doing it as gracefully as possible…’ ; life lessons on accepting defeat with dignity from Hollywood iconQuote of the day by Rosemary’s Baby star Mia Farrow: ‘Life is about losing and about doing it as gracefully as possible…’ ; life lessons on accepting defeat with dignity from Hollywood icon
Quote of the Day by Friedrich Nietzsche: 'If married couples did not live together, happy marriages would be more frequent...' Famous philosopher explains why living apart could make relationships seem happierQuote of the Day by Friedrich Nietzsche: 'If married couples did not live together, happy marriages would be more frequent...' Famous philosopher explains why living apart could make relationships seem happier
Human kindness of the day from America: At 85, theatre worker woman finally retires after 45 years, gets $146K from strangersHuman kindness of the day from America: At 85, theatre worker woman finally retires after 45 years, gets $146K from strangers
American hero of the day: 5-year-old boy pulled from pool without a pulse, off-duty firefighters step in to save his lifeAmerican hero of the day: 5-year-old boy pulled from pool without a pulse, off-duty firefighters step in to save his life
Gold medallist left promising career in medicine to fulfill her father’s dream. Today, she is an IAS officer. Who is Mudra Gairola?Gold medallist left promising career in medicine to fulfill her father’s dream. Today, she is an IAS officer. Who is Mudra Gairola?
Latest Panache News
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