Asia’s richest man Uday Kotak’s real net worth is his 26 percent stake in Kotak Mahindra Bank. According to data provided by the Bloomberg Billionaires Index, Uday Kotak’s net worth is $1,450 crore (approximately Rs 1.2 lakh crore). Since becoming a commercial bank in 2003, Kotak Mahindra Bank has been at the forefront of the financial sector in the country.
Meanwhile, after stepping down from the duties of Kotak Mahindra Bank, Uday Kotak wrote the following lines on the X platform. “Today, we are a distinguished banking and financial institution in the country built on the fundamentals of trust and transparency. We have created value for our shareholders. We have employed more than one lakh people. The Rs 10,000 invested in our shares in 1985 is worth Rs 300 crore today,” Uday Kotak’s note pointed out.
Kotak Mahindra Bank
Kotak Mahindra Bank is the third largest private banking institution in the country by market value. Kotak Bank was started in 1985 as a non-banking financial institution (NBFC). Then in 1986, Anand Mahindra and his father Harish Mahindra made a capital investment of one lakh rupees in Kotak’s financial institution. Investment banking division started in 1991. Started life insurance business in 2001.
The banking license was obtained from the Reserve Bank in 2003. Kotak Mahindra Bank is the first venture in the country to grow from a non-banking financial institution to become a full-fledged commercial banking institution. Uday Kotak was the CEO & MD of the bank from 1st August 2002. Meanwhile, Joint MD Deepak Gupta has been appointed as Interim CEO & MD in the vacancy of Uday Kotak, subject to Reserve Bank approval.
