Uday Kotak To Step Down As Kotak Mahindra Bank MD; Know His Education And Personal Life – News18

The founder of India’s fourth largest private sector bank, Uday Kotak will transition to a non-executive board member after he steps down from the full-time role as Manager Director of Kotak Mahindra Bank. In his last letter to shareholders as managing director on Saturday, Kotak mentioned that the alignment and commitment of the shareholders, board and management will help the bank to navigate in the future.

“I see my role as a non-executive board governance member and a strategic shareholder with a long-term perspective of nurturing a world-class institution,” Kotak said in his letter.

The billionaire’s tenure at Kotak Mahindra Bank as managing director is to end in December, this year. This came decision came after, the Reserve Bank of India (RBI) fixed the tenure of bank chiefs to 15 years and 12 years in the case of promoter chief executives. While the bank has hired Egon Zehnder to lead a global search for a chief executive officer, the bank’s corporate banking head KVS Manian and retail baking head Shanti Ekambaram are considered to be competing for the role.

Uday Kotak who prefers a modest lifestyle and has a heart for philanthropy is a true pioneer in the finance world. He also has set the perfect example for people to achieve big with hard work, a bit of creativity and determination. Let us take a glance at his journey from starting his career in the cotton trading business to owning the fourth leading private bank.

Uday Kotak holds a Bachelor’s degree in Commerce from Sydenham College in Mumbai and a Masters’s in Management Studies from Jamnalal Bajaj Institute of Management Studies.

After completing his education, Uday Kotak joined his family business which was cotton trading, but he was more inclined towards the financial services sector. He started a bill discounting business in 1985 with an initial investment of Rs 10,000 which later turned into Kotak Mahindra Finance Ltd.

In 2003, he established Kotak Mahindra Bank which has become one of the leading private banks in the country.

Apart from his ownership in Kotak Mahindra Bank, Uday also earns income from his investments in other businesses. Speaking of his net worth, it is estimated to be around $14.3 billion, as per Bloomberg, making him the tenth richest person in India.

In his personal life, Uday Kotak fell in love with his wife Pallavi Kotak after they met at a party in 1985. The couple have two sons, Jay Kotak, and Dhawal Kotak. Jai is a Harvard Business School graduate and is employed at the Kotak Mahindra Bank since 2017. Dhawal is a Columbia Business School graduate.