From small lender to India’s richest banker, here’s how Uday Kotak established Rs 3,48,000 crore institution

Uday Kotak, who is the third-richest banker in the world and the wealthiest banker in India, is also one of the richest Indians according to the Forbes Billionaire 2023 list. According to Bloomberg Billionaires Index, the owner of Kotak Mahindra Bank has an unbelievable net worth of $13.5 billion (Rs 1.1 lakh crore).

It takes a lot of effort to succeed when you don’t come from a banking background. The rise of Uday Kotak from an ambitious cricketer to one of the richest bankers in the world is truly inspiring.

How did Uday Kotak begin his journey?

He hails from a Gujarati family from the upper middle class who were engaged in the cotton industry. After Mumbai University, he attended the esteemed Jamnalal Bajaj Institute of Management Studies to earn an MBA. Despite receiving a job offer from a large corporation, his father encouraged him to launch his own business. He began with a modest lending operation that offered reasonable loans to businesses.

He established a one-man financing business in 1985, when India’s economy was still tight. However, because deposit rates were low, depositors only received a small portion of the high cost of loans at the time. It was the start of a revolution, and it soon shifted to the first NBFC receiving a full banking licence from the RBI. In 2003, his finance company was given authorization to function as a bank.

The 64-year-old banker was solely responsible for the progress of Kotak Mahindra Bank. One thing that set him apart from his contemporaries was his adept management and leadership abilities. One of the richest bankers in Asia is Uday Kotak.

Uday Kotak has expressed his love of cricket in numerous interviews. If not a businessman, Kotak claimed, he would have been a cricket player. When he was younger, he played the sitar and cricket. He is also a very good mathematician.

Uday Kotak’s salary

Uday Kotak’s yearly salary dropped to Rs 2.65 crore in the fiscal year ending in March 2020 as a result of Covid, according to Bloomberg Quint. He typically makes Rs. 3.24 crore a year in salary.

Story by (DNA Web Desk)

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