He found that banks gave depositors 6% interest on their investments but charged an interest of 16.5% from borrowers. Earlier in 2014, Uday Kotak had acquired ING Vysya Bank in all stock acquisitions which helped them create a presence in Southern India. He established the Kotak Education Foundation to focus on the educational needs of underprivileged children. He was born on 15 March 1959. [9], After completing his MBA, Kotak started Kotak Capital Management Finance Ltd (which later became Kotak Mahindra Finance Ltd). He was also earmarked amongst the top financial leaders for the 21st century by Euromoney Magazine. Talking about his school, Uday Kotak said, “It is a place where it wasn’t about studying for study’s sake.” Uday was awarded with “Most Valuable CEO” overall, 2010 by Business World. Uday Kotak is married. He has been awarded as “Asian Asset Manager of the year” in 2009. [12], In August 2019 he was reported to be one of the most highly paid CEOs of any Indian bank with a monthly salary of ₹27 lakh (US$38,000). Uday Kotak is married to Pallavi Kotak. Uday Kotak is an Indian billionaire banker, best-known for being the managing director and executive vice chairman of Kotak Mahindra Bank. And his age is 61 years. 2003 - He converted Kotak Mahindra Finance Ltd into a commercial bank which became the first Indian company to do so. He feels strongly that education is key to helping India’s underprivileged. Also the Investment banking division was incorporated into - Kotak Mahindra Capital Company. [7], His talent in mathematics influenced his choice of career. Anand Gopal Mahindra (born 1 May 1955) is an Indian billionaire businessman, and the chairman of Mahindra Group, a Mumbai-based business conglomerate. 1996 - His Auto Finance Business was hived off into a separate company - Kotak Mahindra Prime Limited. Uday has a strong focus on community development and inclusive growth. 2006 - He bought the 25% stake held by Goldman Sachs in Kotak Mahindra Capital Company and Kotak Securities. Uday Kotak (born 15 March 1959) is an Indian billionaire banker, and the executive vice chairman and managing director of Kotak Mahindra Bank. Ajay Piramal. Uday Kotak made an entry into the finance business soon after his graduation. 2004 - He launched, India Growth Fund which was a private equity fund. In 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. 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. [12], 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. 2009 - Kotak Mahindra Bank Ltd. opened a representative office in Dubai. Net Worth of Uday Kotak As per Forbes, Uday Kotak is worth 7. Uday Kotak, the Founder, CEO, and MD of Kotak Mahindra Bank Ltd, is an alumnus of Sydenham College. Married, 2 children ... Married, 4 children. Uday Kotak’s strong belief that trust is the key for any financial services, later, he collaborated with the Mahindra Group and brought in the new name ‘Kotak Mahindra’. Today, Kotak Mahindra Bank has the second highest price-to-book ratio amongst major global banks, and the bank’s market capitalization has risen 30 times since it went public in 1992 to about $6 billion. 6. [12], In 2015, Kotak enters the general insurance business and is partnering telecom magnate Sunil Mittal's Bharti Airtel to start a small payments bank. Contents. It's not unusual for wealthy Indian families to give back to their alma mater. [5], Kotak was raised in an upper middle class Gujarati joint-family [6] household with 60 people sharing a common kitchen under one roof. In a change from the short cut he had in 2016, the Kotak scion is now sporting long locks, often tied up in a man bun. 1995 - He incorporated his Brokerage and Distribution businesses into a separate company – Securities. Uday has dated – Pallavi Kotak (1985–Present) – Uday and Pallavi got married in 1985 and have 2 children together – a son named Jay Kotak and a daughter. 2001 - * He sold Matrix to Friday Corporation. Uday Kotak: In India, the corporate and investment-banking business has been bank-centric, especially centered on the commercial banking business. GIREM presented Kotak Realty Funds Group with “The Investor of the Year Award” for the year 2009. Uday Kotak is an Indian billionaire, who founded Kotak Mahindra Bank in 2003. [8] 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. He obtained his Bachelor's Degree from Sydenham College and completed his post graduation in management studies in 1982 from Jamnalal Bajaj Institute of Management Studies. 1991 - He took over FICOM, which is one of India's largest retail marketing networks. Kotak Bank CEO Uday chose to pursue his career in banking and financing sector over his family’s trading business by launching Kotak Capital Management Finance Ltd. in 1985. Uday Kotak (born 15 March 1959) is an Indian billionaire banker, and the executive vice chairman and managing director of Kotak Mahindra Bank.. He is a member of the Board of Indian Council for Research on International Economic Affairs, Mahindra United World College of India and the Indian School of Business. [3][dead link] 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. Kotak presently owns 48 percent of the stock. [citation needed] Kotak is also a member of the strategic board which advises the national law firm, Cyril Amarchand Mangaldas. MD, Uday Kotak, is literally letting his hair down in his second year at the Harvard Business School. 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.