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Restored revision 1029074315 by Edwardx (talk): Uncited

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{{BLP sources|date=January 2015}}
{{EngvarB|date=January 2015}}
{{Use dmy dates|date=January 2015}}
{{Short description|Indian Billionaire & Banker}}
{{Infobox person
| image = File:Uday Kotak at World Economic forum.jpg
| image_size =
| name = Uday Suresh Kotak
| caption = Uday Kotak at [[World Economic Forum]]
| birth_name =
| birth_date = {{Birth date and age|1959|03|15|df=y}}
| birth_place =
| death_date =
| nationality = Indian
| education = [[University of Mumbai]]
| occupation = {{Ubl | Founder, MD & CEO of [[Kotak Mahindra Bank]] | Chairman of [[Infrastructure Leasing & Financial Services|IL&FS]]<ref>{{Cite web|url=http://www.ilfsindia.com/about-us/management/|title=IL&FS - Board of Directors}}</ref>
}}
| networth = {{up}} [[United States dollar|US$]]14.8 billion ({{As of|2021|04|29}})<ref name=Bloomberg>{{cite web |url=https://www.bloomberg.com/billionaires/profiles/uday-s-kotak/ |title=Bloomberg Billionaires Index: Uday Kotak |work=Bloomberg LP. |access-date=28 April 2021}}</ref>
| spouse = Pallavi Kotak
| parents =
| children = 2
| relatives =
| website =
}}

'''Uday Suresh Kotak''' (born 15 March 1959) is an Indian [[billionaire]] banker and the executive vice chairman and managing director of [[Kotak Mahindra Bank]].

In the early 1980s, while India was still a closed economy and economic growth was muted, Kotak decided to start out on his own, refusing a lucrative job option from a multinational.<ref name=":0">{{cite web|url=https://www.forbes.com/sites/ey/2014/07/02/rendezvous-with-destiny-ey-world-entrepreneur-of-the-year-2014-highlights/|title=Rendezvous with destiny EY World Entrepreneur of the Year 2014|last=Pinelli|first=Maria|date=2 July 2014|work=Forbes.com|access-date=2018-01-17}}</ref>{{dead link|date=February 2020}} 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, [[Kotak Life Insurance|life insurance]] and mutual funds. On 22 March 2003, Kotak Mahindra Finance Ltd. became the first company in India’s corporate history to receive a banking license from Reserve Bank of India.<ref name=":0" />

''[[Bloomberg Billionaires Index]]'' estimated his wealth to be US$14.8 billion as of April 2021.<ref name=Bloomberg></ref> In 2006 he ended a 14 year partnership with [[Goldman Sachs]] by acquiring its 25% stake in two subsidiaries for $72 million.<ref>{{cite web|url=http://www.mid-day.com/news/2010/feb/090210-Uday-Kotak-Kotak-Mahindra-Loan-recovery.htm|title=Uday Kotak and his men threatened my family|last=Dutta|first=Anshuman G|date=2010-02-09|work=mid-day.com}}</ref>

== Early life and education ==
Kotak was raised in an upper middle class [[Gujarati people|Gujarati]] joint-family <ref>{{cite web|url=http://timesofindia.indiatimes.com/topic/Uday-Kotak|title=Uday Kotak|date=1959-03-15|publisher=Timesofindia.indiatimes.com|access-date=2018-01-17}}</ref> household with 60 people sharing a common kitchen under one roof. The family was originally into combine trading. He called this "Capitalism at work and Socialism at home".<ref name="ndtv.com">{{cite web|url=http://www.ndtv.com/video/player/walk-the-talk/walk-the-talk-with-uday-kotak/331667|title=Walk The Talk with Uday Kotak|date=26 July 2014|work=ndtv.com|access-date=17 January 2018}}</ref> His two pastimes had been cricket and playing the sitar. In a 2014 interview with [[NDTV]], he admitted that he was no longer pursuing his playing of the sitar.<ref name="ndtv.com"/> His talent in mathematics influenced his choice of career.<ref>{{cite web |last1=Bandyopadhyay |first1=Tamal |title=Uday Kotak: The 'nationalist' banker |url=https://www.livemint.com/Companies/yrSPxnwgkNIANk5eetQhNK/Uday-Kotak-The-nationalist-banker.html |website=mint |language=en |date=24 August 2018}}</ref> He earned a bachelor's degree from [[Sydenham College]] and completed a postgraduate degree in management studies in 1982 from [[Jamnalal Bajaj Institute of Management Studies]].<ref>{{cite web|url=http://business.mapsofindia.com/business-leaders/uday-kotak.html|title=Uday Kotak Biography|date=2015-06-03|work=mapsofindia.com|access-date=17 January 2018}}</ref>

== Career ==
After completing his MBA, Kotak started Kotak Capital Management Finance Ltd (which later became Kotak Mahindra Finance Ltd). From a seed capital of less than US$80,000 borrowed from family and friends, he converted a bill-discounting start-up into a financial services conglomerate with assets of US$19 billion (as of March 2014), and the second largest schedule commercial bank by market capitalization in India (private and PSU) with over 1250 branches.<ref>{{cite web|url=http://www.kotak.com/sites/default/files/press_release/09oct13.pdf |title=Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India, formally inaugurates Kotak Mahindra Bank's landmark 500th branch and 1,000th ATM |publisher=Kotak.com |access-date=2015-09-04}}</ref><ref>{{cite web|url=http://www.virsanghvi.com/People-Detail.aspx?Key=12|title=Vir Sanghvi|date=2015-09-05|work=virsanghvi.com|access-date=17 January 2018}}</ref>

During 2014, Kotak almost doubled his wealth as 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]].<ref name="kylewong">{{cite web|url=https://www.forbes.com/profile/uday-kotak/?list=billionaires|title=Uday Kotak|author=Kyle Wong|work=Forbes}}</ref>

In 2015, Kotak enters the general insurance business and is partnering telecom magnate Sunil Mittal's [[Bharti Airtel]] to start a small payments bank.<ref name="kylewong"/>

Kotak has reduced his stake in the [[Kotak Mahindra Bank]] to 30% as of now, as he is required to bring it down to 20% as per RBI directions.<ref name="kylewong"/>

In August 2019 he was reported to be one of the most highly paid CEOs of any Indian bank with a monthly salary of {{INRConvert|27|l}}.<ref name="Top paid CEOs">{{cite news|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/aditya-puri-remains-top-paid-bank-ceo/articleshow/70651835.cms|title=Aditya Puri remains top-paid bank CEO|newspaper=Economic Times|date=14 August 2019|last1=Rebello|first1=Joel}}</ref>

He took over as President of the [[Confederation of Indian Industry]] (CII) for the year 2020-21. <ref> {{cite web|url= https://www.thehindu.com/business/uday-kotak-takes-over-as-cii-president/article31742098.ece|title=Uday Kotak takes over as CII President|website=www.thehindu.com|access-date=22 October 2020}}</ref>

== Honours and awards ==
* In June 2014, he was named [[Ernst & Young Entrepreneur of the Year Award#21st century recipients|Ernst & Young World Entrepreneur Of The Year]].<ref>{{cite web|url=http://news.biharprabha.com/2014/06/uday-kotak-named-ey-world-entrepreneur-of-the-year-2014/|title=Uday Kotak named EY World Entrepreneur Of The Year 2014|website=news.biharprabha.com|date=12 June 2014|publisher=Biharprabha|access-date=17 January 2018}}</ref>
* He was the sole Indian Financier to feature in Money Masters: The Most Powerful People in The Financial World, by Forbes magazine, US (May 2016)<ref>{{cite web|url=https://www.forbes.com/sites/nathanvardi/2016/05/11/money-masters-the-most-powerful-people-in-the-financial-world/#387ed2f4266e|title=Sole Indian Financier to feature in Money Masters: The Most Powerful People in the financial World|last=Vardi|first=Nathan|date=May 11, 2016|work=Forbes Magazine|access-date=17 January 2018}}</ref>
* [[India Today]] magazine ranked him #8th in India's 50 most powerful people of 2017 list.<ref>{{cite news|url=http://indiatoday.intoday.in/story/india-today-top-50-powerful-indians-mukesh-ambani-ratan-tata-kumar-mangalam-birla-gautam-adani-anand-mahindra-srk-amitabh-bacchan/1/928939.html|title=India's 50 powerful people|date=April 14, 2017|access-date=17 January 2018|publisher=[[India Today]]}}</ref>

== Memberships ==
Kotak is a member of the Government of India's High Level Committee on Financing Infrastructure, the Primary Market Advisory Committee of the Securities & Exchange Board of India, Member of the Board of Governors of the National Institute of Securities Markets and ICRIER. He is also Governing Member of the Mahindra United World College of India, and Member of National Council of CII.{{citation needed|date=January 2015}} Kotak is also a member of the strategic board which advises the national law firm, [[Cyril Amarchand Mangaldas]].<ref>{{cite news|url=http://economictimes.indiatimes.com/industry/services/consultancy-/-audit/cyril-shroff-ropes-in-business-luminaries-like-narayana-murthy-deepak-parekh-uday-kotak-and-others-for-advisory-board-of-his-law-firm/articleshow/48417617.cms|title=Cyril Shroff ropes in business luminaries like Narayana Murthy, Deepak Parekh, Uday Kotak and others for advisory board of his law firm|last1=Vyas|first1=Maulik|date=2015-07-10|work=The Economic Times|access-date=10 August 2015}}</ref>

==Personal life==
He is married to Pallavi Kotak, has two children and lives in Mumbai.<ref name=Forbes>{{cite web |url=https://www.forbes.com/profile/uday-kotak/ |title=Forbes profile: Uday Kotak |work=Forbes.com |access-date=20 June 2020}}</ref>

==References==
{{Reflist|30em}}

==External links==
* [http://wealthmanagement.kotak.com Kotak Family Office]

{{Kotak Mahindra Bank}}
{{DEFAULTSORT:Kotak, Uday}}
[[Category:Indian billionaires]]
[[Category:1959 births]]
[[Category:Living people]]
[[Category:Jamnalal Bajaj Institute of Management Studies alumni]]
[[Category:Businesspeople from Mumbai]]
[[Category:University of Mumbai alumni]]
[[Category:Gujarati people]]
[[Category:Kotak Mahindra Bank]]

Uday Kotak - Revision history

imported>Edwardx: Restored revision 1029074315 by Edwardx (talk): Uncited