Uday Kotak net worth 2023: Uday Suresh Kotak popularly known as Uday Kotak, is billionaire banker in India and also the CEO of of Kotak Mahindra Bank. He was also the former stake holder at Golden Sachs with 25% shares before he ended the partnership. In this article, we will be considering his net worth, life and career.
Uday Kotak Net Worth
Uday Kotak net worth is $14.3 billion. He is one of the richest men in India. Spurning his family’s trading business, Uday Kotak started a finance firm in 1985 then went on convert it into a bank in 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.
Net worth: $14.8 billion
Full Name: Uday Suresh Kotak
Date of Birth: 15 March 1959
Occupation: Business mogul, founder of Kotak Mahindra Bank
Marital Status: Married
Uday Suresh Kotak was born 15 March 1959, into a muddle class Gujarati joint-family where up to 60 people shared one kitchen. Initially, the family was into combine trading which Kotak considered as “Capitalism at work and socialism at home”. Before venturing into banking and finance, Kotak initially had passion for cricket and sitar. But his talent in mathematics caused him to change his focus, thereby influencing his career choice.
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He obtained a Bachelor’s Degree from Sydenham College and also a postgraduate degree in management studies. On his completion of his MBA, Uday Kotak established his own establishment called Kotak Capital Management Finance Ltd which was later renamed Kotak Mahindra Finance Ltd. The capital he used to invest in his business was gotten from family members he borrowed from, $80,000.
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Kotak used the capital in converting a bill-discounting start-up into a financial services conglomerate with assets of $19 billion, this took place in March 2014. It then became the second largest schedule commercial bank by market capitalization in India. It has more than 1250 branches.
Kotak nearly doubled his wealth after he sealed a deal worth $2m4 billion in November 2014 for ING Vysya Bank, a fierce a rival bank which was partly owned by Dutch financial services group ING. During this time the shares of Kotak Mahindra Bank hit a all time high almost doubling his wealth.
Kotak later partnered with Sunil Mittal, the owner of telecom net work, Bharti Airtel, to start up a small payment bank in 2015. Currently, Kotak’s stake in Kotak Mahindra Bank has reduced to 30% and he is still required to reduce it to 20% due to directives from RBI. Report should that in August 2019, Kotak was one of the most highly paid CEOs in any Indian Bank with a monthly salary of $30,000 (27 lakh in Indian currency) . During the 2020-21 campaign, Kotak was made the new president of the Confederations of Indian Industry (CII).
Awards and Recognition
• Uday Suresh Kotak was the sole Indian Financier to feature in Money Masters: The Most Powerful People in The Financial World, by Forbes magazine, US.
• In June 2014, he was named Ernst & Young World Entrepreneur Of The Year
• India Today magazine ranked him #8th in India’s 50 most powerful people of 2017 list.
Kotak is a member of the High Level Committee on Financing Infrastructure of the Government of India, the Primary Market Advisory Committee of the Securities & Exchange Board of India, a member of the Board of Governors of the National Institute of Securities Markets and ICRIER.
Kotak is happily married to his dear wife Pallavi Kotak who has two children for him.
Uday Kotak net worth Summary
net worth: $14.3 billion
Source of Income: Kotak Mahindra Bank.