Uday Kotak

Uday Kotak is an Indian billionaire banker, and the executive vice chairman and managing director of Kotak Mahindra Bank. 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.

• Spurning his family’s trading business, Uday Kotak started a finance firm in 1985 then went on convert it into a bank 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.
• Kotak’s 811 app draws its name from November 8, the day in 2016 when the government cancelled 86% of all rupees in circulation.
• The Reserve Bank of India did not approve Kotak’s move to issue preference shares to comply with rules to reduce his stake to 20% by December 2018.
• Kotak is battling the Reserve Bank of India in court over the issue of reducing his stake in the bank.