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BT MindRush: How veteran banker Uday Kotak built a financial powerhouse

BT MindRush: How veteran banker Uday Kotak built a financial powerhouse

A leader par excellence, recognising his contribution, the Business Today Editorial Board has decided to confer the 'Financial Sector Visionary Award' to Kotak for his outstanding contribution to the banking and financial services sector.

Kotak, born in a middle-class Gujarati family in Mumbai, branched out in a completely different business than his family's cotton trading business. Kotak, born in a middle-class Gujarati family in Mumbai, branched out in a completely different business than his family's cotton trading business.

In a career spanning close to four decades, a self-made man, veteran banker Uday Kotak has not only built a financial powerhouse out of the Kotak Group, but has also played a key role in shaping policies and regulations in the financial markets.

Recognising his contribution, the Business Today Editorial Board has decided to confer the 'Financial Sector Visionary Award' to Kotak for his outstanding contribution to the banking and financial services sector.

Undoubtedly, Kotak is a leader par excellence.

Kotak, born in a middle-class Gujarati family in Mumbai, branched out in a completely different business than his family's cotton trading business. Started off in a financial services industry in the mid-1980s, Kotak successfully built a profitable leasing and finance business before getting a coveted banking licence in the early 2000s, when the RBI opened the doors for more private banks.

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Under his leadership, the Kotak Group expanded into stock booking, investment banking , life and general insurance, mutual funds and other segments. An astute banker, Kotak has built the full-scale bank by way of organic as well as inorganic growth. At the right time, he pounced on the ING Vysya Bank to expand in the southern states. Today, Kotak Bank enjoys a market capitalisation of Rs 3.31 lakh crore.

Kotak also enjoys huge respect in the industry. Six years ago, the 63-year-old Kotak chaired the corporate governance committee, which had recommended separating the rules of the chairman and the MD. The committee also recommended having at least one women director on board.

Kotak has also been the go-to person for crisis situations. In 2018, he was tasked with overseeing the recovery of failed IL&FS. He successfully managed to resolve 55 per cent of the Rs 1 lakh crore debt of the complex infra financing institution.

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Published on: Jun 23, 2022, 5:01 PM IST
Posted by: Mohammad Haaris Beg, Jun 23, 2022, 4:57 PM IST