Uday Kotak
Mumbai, India
Bachelor of Arts/Science, Bombay University | Master of Business Administration, University of Bombay
India
banking, Self Made
$13,900,000,000
114
#114 Billionaires 2019
#12 India's Richest 2018
Spurning his family's trading business, Uday Kotak started a finance firm in 1985 then went on convert it into a bank 2003.His Kotak Mahindra Bank is now among India's top four banks in the private sector, boosted by its 2014 acquisition of ING Bank's Indian operations. Since its March 2107 launch, Kotak's 811 digital banking app, which offers zero-balance accounts, has expanded the customer base to 16 million. The Reserve Bank of India did not approve Kotak's move to issue preference shares to comply with rules to reduce his stake to 20% by December 2018.Kotak is battling the Reserve Bank of India in court over the issue of reducing his stake in the bank.
Kotak was initially backed by tractor tycoon Anand Mahindra, who still holds a small stake in the bank.Kotak's 811 app draws its name from November 8, the day in 2016 of India's demonetisation when the government cancelled 86% of all rupees in circulation. In September 2018, Kotak was appointed by the government as non-executive chairman of the debt-strapped Infrastructure Leasing & Financial Services.
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