Uday Kotak

Uday Suresh Kotak
Born (1959-03-15) 15 March 1959 (age 65)
Mumbai, India
EducationUniversity of Mumbai
Occupations
Board member ofKotak Mahindra Bank
SpousePallavi Kotak
Children2

Uday Suresh Kotak (born 15 March 1959) is an Indian billionaire banker and founder of Kotak Mahindra Bank, where he is a non-executive director.[2] He resigned from his CEO position in September 2023.[3] He handed over the digital banking CEO role to his son, Jay Kotak.[4]

In the early 1980s, while India was still a closed economy with slow economic growth, Kotak decided to start on his own, turning down a lucrative job offer from a multinational corporation.[5] Over the next few years, he diversified his business into various areas of financial services, establishing a prominent presence in bills discounting, stockbroking, investment banking, car finance, life insurance and mutual funds.[6]

In March 2003, Kotak Mahindra Finance Ltd. became the first company to receive a banking license from Reserve Bank of India.[5] In 2006, he and Goldman Sachs ended their 14-year partnership when Goldman Sachs sold their 25% stake in two subsidiaries for $72 million to Kotak.[7] Bloomberg Billionaires Index estimated his wealth to be US$14.8 billion as of April 2021.[8]

In October 2024, Kotak was ranked 18th on the Forbes list of India’s 100 richest tycoons, with a net worth of $14.1 billion.[9]

  1. ^ "IL&FS - Board of Directors". Archived from the original on 30 December 2020. Retrieved 7 April 2019.
  2. ^ Vyas, Hitesh (2 September 2023). "Uday Kotak resigns as CEO of Kotak Mahindra Bank, to take role of non-executive director". The Indian Express. Archived from the original on 5 February 2024. Retrieved 30 September 2024.
  3. ^ Karthik, Hamsini (2 September 2023). "Uday Kotak steps down as Kotak Mahindra Bank CEO months ahead of schedule". BusinessLine. Archived from the original on 10 November 2024. Retrieved 10 November 2024.
  4. ^ "Uday Kotak's Annual Salary Will Leave You Stunned - Here's How Much He Earned". Times Now. 17 July 2024. Archived from the original on 10 November 2024. Retrieved 10 November 2024.
  5. ^ a b Pinelli, Maria (2 July 2014). "Rendezvous with destiny EY World Entrepreneur of the Year 2014". Forbes.com. Archived from the original on 6 July 2014. Retrieved 17 January 2018.
  6. ^ ET Online (2 September 2023). "Uday Kotak: How an outsider built a bank from scratch and made it one of the best". The Economic Times. ISSN 0013-0389. Archived from the original on 9 December 2023. Retrieved 30 September 2024.
  7. ^ "End of One Era, Beginning of Another for Goldman Sachs in India". 17 March 2006. Archived from the original on 21 January 2022. Retrieved 20 January 2022.
  8. ^ "Bloomberg Billionaires Index: Uday Kotak". Bloomberg LP. Archived from the original on 10 May 2021. Retrieved 28 April 2021.
  9. ^ "India's 100 Richest". India’s 100 Richest. 9 October 2024. Archived from the original on 3 November 2024. Retrieved 15 October 2024.