Uday Kotak, Entrepreneur Turned India’s Billionaire Banker

How did the Indian billionaire Banker Uday Kotak grow a start-up funded by family and friends into one of the largest commercial banks in India?
Uday Kotak, Entrepreneur Turned India’s Billionaire Banker
Uday Kotak, Entrepreneur Turned India’s Billionaire Banker

Uday Kotak, Entrepreneur Turned India’s Billionaire Banker

Who Is Uday Kotak?

Uday Kotak is the man leading from the front of Mumbai-based Kotak Mahindra Bank, in the role of Founder, MD, & CEO and Chairman of IL&FS. Kotak Mahindra Bank Limited is the Indian banking and Financial Services company, the third-largest private sector bank by assets, offering banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management.

Uday Kotak Age

Uday Suresh Kotak is aged 62 years old.

Uday Kotak Family

Growing up, Uday grew up in an upper-middle-class Gujarati joint-family household. 60 people shared the common kitchen under one roof while they worked in combined trading. This scenario was described by the top banker as "Capitalism at work and Socialism at home".

His two interests growing up were cricket and sitar. Decades later, he would go on to admit in an interview that he discontinued playing the sitar. As far as his family after marriage is concerned, Uday Kotak Wife is Pallavi Kotak and both of them have two children who reside in Mumbai at Uday Kotak House.

Uday Kotak Son

Jay Kotak shows the passion in the bloodstream for cricket as he is witnessed playing the sport and serving some looks while he is at it. He graduated with BA in History degree from Columbia University. But he went on to follow the footsteps of his father and like several other billionaire kids, ventured ahead to get an MBA from Harvard Business School. Today, Jay Kotak is the VP of Kotak811, the new-age digital arm of the Kotak empire.

Uday Kotak younger Son is Dhawal Kotak, an undergraduate from Yale University who is involved in providing mid-day meals to underprivileged students in the Govandi-Chembur-Deonar belt in eastern Mumbai.

Uday Kotak Education

His interest and skills in mathematics drove Kotak to his career path and he went to graduate with a bachelor's degree from Sydenham College. Post which, he received his postgraduate degree in management studies in 1982 from Jamnalal Bajaj Institute of Management Studies.

Uday Kotak Net Worth

The fourth richest man in India who revolutionised the Indian commercial banking sector with his entrepreneurial journey is worth, as of 2021, according to India.com is $16.5 billion which implies that Uday Kotak net worth in rupees is 12,28,21,87,50,000.00 or One Trillion Two Hundred Twenty-Eight Billion Two Hundred Eighteen Million Seven Hundred Fifty Thousand Rupees.

Highlights of Kotak Mahindra Career:

Early 1980s: Uday Kotak post-MBA ventured towards entrepreneurship despite getting a lucrative job offer from MNC. He paved the path for himself in the closed economy that India was at that time.

1985: He incorporated Kotak Capital Management Finance Ltd which later became Kotak Mahindra Finance Ltd., the Mumbai-headquartered bill-discounting start-up with a borrowed seed capital of less than US$80,000 or 60 Lakh Indian Rupees.

2003: Kotak Mahindra Finance Ltd. became the first company in India’s corporate history to receive a banking license from the Reserve Bank of India.

2014: Kotak Mahindra became the second-largest scheduled commercial bank by market capitalization in India (private and PSU) with over 1250 branches.

2014: Uday Kotak wealth grew almost double fold as his shares of his Kotak Mahindra Bank hit an all-time high after he sealed a $2.4 billion deal in November 2014 for rival ING Vysya Bank, partly owned by Dutch financial services group ING.

2015: Kotak entered the general insurance business partnered with telecom magnate Sunil Mittal's Bharti Airtel to offer small payments bank.

2015: he reduced his Kotak Mahindra Bank stake from 30% down to 20% as per RBI directions.

2019: Uday became one of the most highly paid CEOs, an Indian bank with a monthly salary of ₹27 lakh (US$36,000).

2021: Uday took over as President of the Confederation of Indian Industry (CII) for the year 2020-21.

Recognistions and Awards

2014: In June of 2014, he was named Ernst & Young World Entrepreneur Of The Year.

2016: In May of 2016, Uday Kotak was the sole Forbes Magazine’s Indian Financier to feature in Money Masters: The Most Powerful People in The Financial World.

Uday Kotak, Entrepreneur Turned India’s Billionaire Banker
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2017: India Today magazine ranked him #8th in India's 50 most powerful people list.

2019: Lifetime Achievement Award at Magma Awards by Businessworld

2019: Uday Kotak was named the 'Best CEO in Banking Sector' at the Business Today Best CEO Awards 2019.

Several Roles Apart from Kotak Mahindra

Uday Kotak, being one of the top billionaire bankers, has been associated with the Government on several fronts. He is a member of the Indian Government’s High-Level Committee on Financing Infrastructure, the Primary Market Advisory Committee of the Securities & Exchange Board of India, and also a member of the Board of Governors of the National Institute of Securities Markets and ICRIER.

He also serves as the Governing Member of the Mahindra United World College of India, Member of the National Council of CII, and also a member of the strategic board which advises the national law firm, Cyril Amarchand Mangaldas.

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