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'We owe it to future generations': Uday Kotak advises against overspending in New Year greeting to staff

Uday Kotak, Managing Director of Kotak Mahindra Bank, wished his employees a happy new year on Friday

twitter-logoBusinessToday.In | January 1, 2021 | Updated 16:43 IST
'We owe it to future generations': Uday Kotak advises against overspending in New Year greeting to staff
Uday Kotak, MD Kotak Mahindra Bank

Uday Kotak, Managing Director of Kotak Mahindra Bank, wished his employees a happy new year on Friday. In letter to them, the veteran banker said, "Finally, 2020 is behind us and hindsight is truly 2020. As we usher in 2021, I am reminded of the Spanish Flu that took place a 100 years ago, which post 1920 ushered in a period of prosperity and growth for the entire world. I wish 2021 and beyond is a repeat of history - a 100 years later."

Calling geography a dated concept, Kotak said that digital is here to stay. Kotak wrote, "2020 has redefined the fact that geography is history. Digital is here to stay. And we will find newer ways of doing our work more productively and more efficiently than before."

Read the whole letter here:

Dear Colleague,

Finally, 2020 is behind us and hindsight is truly 2020. As we usher in 2021, I am reminded of the Spanish Flu that took place a 100 years ago, which post 1920 ushered in a period of prosperity and growth for the entire world. I wish 2021 and beyond is a repeat of history - a 100 years later.

Having said that, 2021 will be dominated by the vaccine, especially in the first half of the year. The questions on people's minds will be around which vaccine to take, when to take the vaccine, what is the vaccine's efficacy & effects and will it cure COVID-19 forever or will we have to take vaccines frequently.

The Lessons from 2020

2020 has established the importance of science and healthcare in our lives. The importance of family and being together with loved ones. The importance of having work-life balance, but in a different sort of perspective than ever before. I wish some of these changes are more structural and remain with us over a long period of time.

2020 has redefined the fact that geography is history. Digital is here to stay. And we will find newer ways of doing our work more productively and more efficiently than before.

The Way Forward in 2021

As we go through these changes, we also owe it to others to increase our focus in areas that were neglected in 2020. One of them is education - the education of our future generation. Many have lost precious time in the year gone by and we must make up for it.

We must also be clear that we are all borrowing from the future generations. This encompasses both spends, with governments having spent huge amounts of money, as also the climate. We owe it to the future generations that we do not overspend on their account just for protecting our lives alone.This change in mindset that we are the trustees of Planet Earth and trustees for future generations is extremely important as we look ahead.Finally, we must follow a simple mantra - Do good and do well. And it is this philosophy that will endear us to others in the years to come.

I wish every Kotakite who has had a difficult 2020, to think about 2021 with a new perspective. Let us all work together to make not only Kotak an institution that lives for hundreds of years, but also ensure that Planet Earth lives for thousands of years. I wish you and your family a happy and wonderful new year.

With warm regards,

Uday Kotak

1st January, 2021

Mumbai

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