Kotak Mahindra Bank MD & CEO Uday Kotak has indicated to quit active role


Mumbai: Uday Kotak, MD and CEO of Kotak Mahindra Bank, the country’s third largest private bank, has indicated to separate himself from the active role. In a letter sent to the shareholders, the country’s richest banker has said that he wants to play a non-executive role in the bank. Uday Kotak was re-appointed MD & CEO of the bank in January, 2021 for three years. He will complete 15 years in this post in December this year. This bank was established in 1985 as an NBFC. Since then Uday Kotak is leading this bank. Kotak Mahindra got the commercial bank license in 2003. In more than three decades, the valuation of this bank has increased significantly. Kotak says that the investor who invested Rs 10,000 in the bank in 1985 is now worth Rs 300 crore.

Kotak has said in a letter sent to shareholders that going forward I see myself as a non-executive board governance member and a strategic investor. He hoped that with the commitment of the shareholders, board and management, the bank would be able to adapt to the changing times. Kotak said that we are the product of India’s development journey and the development of its financial sector. We are now in the process of adapting ourselves to the changes taking place in the banking industry. According to the changing ecosystem, there is a need to create a policy and regulatory framework for this sector.

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country’s richest banker

Uday Kotak said, ‘There is a need to create this kind of regulatory trust in which work needs to be done from both the sides.’ He said that there is a need to hit the eye like Arjuna regarding risk management but there is also a need to avoid bureaucratisation of financial services. According to the Bloomberg Billionaire Index, Uday Kotak has a net worth of $14.4 billion and is the richest banker in India. Uday Kotak is 11th in the list of Indian rich and 127th in the list of world’s rich.

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