Investment of ₹10

Posted By: Vishal Maurya Posted On: Sep 03, 2023
Uday Kotak resigned as MD and CEO of Kotak Mahindra Bank on Saturday (REUTERS)

Asia's richest banker Uday Kotak, who yesterday quit as CEO and MD of the Kotak Mahindra Bank highlighted how his investment of ₹10,000 has given him crores of returns. In a post on X platform (formerly Twitter), Kotak wrote, "We are now a pre-eminent bank & financial institution, created on the basic tenets of trust and transparency. We have created value for our stakeholders and provide over 1 lakh direct jobs. An investment of ₹10,000 with us in 1985 would be worth around ₹300 crore today".

Kotak wrote that 38 years ago he saw a dream of creating an institution like JP Morgan and Goldman Sachs in India. It is with this dream he started Kotak Mahindra Bank with 3 employees in a 300 sqft office in Fort, Mumbai.

Also read: ‘No finish line to His-story': Anand Mahindra on Uday Kotak's resignation

"I am confident that this Indian-owned institution will continue to play an even more important role in India's transformation into a social and economic powerhouse," he added.

On Saturday, Kotak gave up reins earlier than expected to take on the role of a non-executive director.

Kotak has passed the baton to to Joint Managing Director at Kotak Mahindra Bank -- Dipak Gupta.

Gupta will take charge as interim MD and CEO until 31 December subject to the approval of the Reserve Bank of India and members of Kotak Mahindra Bank, according to an exchange filing. The lender has already submitted an application to the central bank for approval of the new MD and CEO with effect from 1 January 2024.

Also read: Uday Kotak passes baton of Kotak Mahindra Bank to Dipak Gupta, top things to know

The founder of Kotak Mahindra Bank said he decided to resign before his term expires on 31 December after thinking it over for “some time." He cited personal reasons for the decision and said he believes “it is the right thing for the institution." Kotak said he still retained the “lonely place of being a founder, promoter, and significant shareholder" in the bank he founded and that bears “our family name."

Also read: As Uday Kotak resigns, a look back at Kotak Bank's inception and his response to RBI's granting of license

“With a view to sequencing this process from a transition and stability perspective, I have decided to take this action after the completion of the financial year and the AGM for FY2023," Kotak said in the letter. “The bank has taken necessary steps on succession and we await the RBI's decision".

Source: Live Mint
Related Posts: UDAY KOTAK,UDAY KOTAK RESIGNS,UDAY KOTAK NEW,UDAY KOTAK RESIGNATION,UDAY KOTAK BANK,KOTAK MAHINDRA BANK,KOTAK MAHINDRA BANK CEO

Comment on Post

Leave a comment

If you have a News HTS user account, your address will be used to display your profile picture.



My fiduciary role in the transition is over

Posted By: Jogendra Kumar Posted On: Sep 04, 2023
Uday Kotak, founder, Kotak Mahindra Bank. (Mint)

MUMBAI : Billionaire Uday Kotak, who stepped down as the chief executive of Kotak Mahindra Bank Ltd on 1 September, believes he has fulfilled his fiduciary duty in ensuring leadership transition in the bank he founded.

The onus to approve the name of a CEO for the bank now lies with the Reserve Bank of India (RBI) after Kotak, 64, surprised everyone by stepping down from the role of managing director and CEO four months before his term was to end on 31 December.

Joint managing director Dipak Gupta will take charge as interim managing director and CEO until 31 December, subject to the approval of RBI. Kotak will, however, continue his association with the bank as a non-executive director.

In an interview, Kotak said Indian institutions must prioritize value creation for local investors, emphasizing the importance of having banks that are majority-owned by domestic investors. While Kotak discussed several topics, he remained tight-lipped about his future plans and questions related to the banking regulator. Edited excerpts:

Why did you decide to step down well ahead of your term?

It was the right thing to do. It was a voluntary decision taken by me to step down. If you go back, we were all in transition. Transition meant three people stepping down at the same time. This is just sequencing out. The board has appointed Dipak Gupta as the interim managing director and CEO, which is permitted for a period of four months under the Banking Regulation Act. Then there is this new CEO and chairman's application we made well in time. All the work from the bank's side, we have completed. My fiduciary responsibilities for transition and sequencing are done. I didn't want to hang around till the last day.

I spent 38 years. A few months here or there doesn't matter. There is this whole overhang in the market over the transition. So, I have taken the first step towards that. There is an interim CEO, subject to regulatory approval.

What is your message to investors?

An individual should not become more important than the institution. I have had the pleasure of dealing with the best names in the world. But finally, charting our own destiny. I have dealt with Goldman Sachs, Old Mutual and ING. Finally, we did what was in the best interest of our firm. We need to keep the entrepreneurial spirit alive.

Do you think the entrepreneurial spirit can survive at Kotak Mahindra Bank without you at the helm?

Kotak's entrepreneurial spirit is deep in the DNA of the bank, and I have no doubt it will flourish in the years ahead.

How important is it to have majority-owned Indian banks?

There is only one Indian-owned majority bank among the top five banks, and that is Kotak. If Indian savers and investors have to get a return over time, Indian institutions must be run well and must create value for Indian savers. Global investors are welcome. But Indian investors are crucial for Indians at heart.

While the succession plan has been in place, it has not crystallized yet without RBI approval. How should the market deal with this uncertainty?

It's not in the hands of the institution. What is in our hands, we have done.

Any regrets you have had over the last 38 years?

There was a time in 2008-09 I may have made the mistake of reading The Wall Street Journal too much. I should have read the Indian papers. Post 2008, I slowed the speed at which we were growing because the world was looking bad.

How will you keep yourself busy after retirement?

Let's see where destiny takes us. But it's a plain piece of paper—no predetermined agenda.

Source: Live Mint
Related Posts: UDAY KOTAK,KOTAK MAHINDRA BANK,RBI,KOTAK BANK CEO

Comment on Post

Leave a comment

If you have a News HTS user account, your address will be used to display your profile picture.

POPULAR News

icon
Bussiness Petrol and diesel prices In India remained stagnant on Thursday, continuing the year long price stability, that has been seen since May 21 last year, when the previous pan-India revision to fuel rates was carried out. Prices across major cities including New Delhi, Kolkata, Mumbai, Chennai did not r
icon
Bussiness Stocks to Watch: Nifty futures traded 26 points, or 0.13 per cent, higher at 19,816, signaling that Dalal Street was headed for a positive start on Monday. Here's a slew of stocks that will be in focus today for various reasons. Stocks to Watch: Nifty futures traded 26 points, or 0.13 per cent, higher at 1
icon
Bussiness OMG 2, directed by Amit Rai, received a warm welcome from the audience. The film, featuring Pankaj Tripathi, Akshay Kumar, and Yami Gautam, achieved a strong opening at the domestic box office on its first day of release. OMG 2, directed by Amit Rai, received a warm welcome from the audience. The film, f
icon
Bussiness Power trading solutions provider PTC India on Saturday posted a 5.62 per cent year-on-year rise in its consolidated net profit at ₹142.70 crore for the April-June quarter of this fiscal, mainly on the back of higher revenues. Power trading solutions provider PTC India on Saturday posted a 5.62 per ce
icon
Bussiness As the deadline for filing Income Tax Returns (ITR) is just one day away, the department stated that more than 6 crore tax returns have been filed for income earned in the 2022-23 fiscal year as of Sunday evening. A total of 27 lakh ITRs have been received by the income tax department, number which has surp
icon
Bussiness Petrol, and Diesel Prices on August 10: The price of Petrol and Diesel remained constant on Wednesday, August 10 across major cities like New Delhi, Kolkata, Mumbai, and Chennai. The petrol and diesel rates for each day, whether new or constant, are announced at 6 am on the day. These, however, vary fro
icon
Bussiness RBI MPC Meeting 2023 Live Updates: Will Guv Das Hike Repo Rate Or Leave it Unchanged? Updated 1 hour ago
icon
Bussiness LPG Cylinder Rates: Oil marketing companies have cut the price of 19 kg LPG gas cylinders across the country. There has been a reduction of Rs 100 in Delhi. At the same time, a reduction of around Rs 93 has been made in other metros. Now 19 kg cylinder will be available in Delhi for Rs 1680, which was till now a
icon
Bussiness Petrol, and Diesel Prices on July 31: The price of Petrol and Diesel remained constant on Monday, July 31 across major cities like New Delhi, Kolkata, Mumbai, and Chennai. The petrol and diesel rates for each day, whether new or constant, are announced at 6 am on the day. These, however, vary from state t
icon
Bussiness Balrampur Chini Mills posted strong Q1 results on Saturday as their profit jumped a whopping 493% to touch ₹73.5 crore during the quarter ending June 2023. During the same quarter last fiscal, the company posted consolidated net profit of ₹12.38 crore. The revenue of the company rose 28% from ₹1,094.
icon
Bussiness The price of gold marginally dropped on Thursday, with the cost of 1 gram of 22 carat gold declining to ₹5,495 from yesterday's ₹5,505, as per the figures released by Goodreturns. Accordingly, the price of 8 grams of 22 carat gold also decreased to ₹43,960 from the previous figure of ₹44,040, marking a p
icon
Bussiness Reliance Industries Ltd, India's most valuable company, has sought shareholder's approval to give Mukesh Ambani another five-year term as chairman and managing director of the company till 2029 -- a period during which he has opted to draw nil salary.
icon
Bussiness Go First airline, which has been grounded since early May, has announced a further extension of flight cancellations till July 31, the airline announced in a tweet on Sunday. Go First airline, which has been grounded since early May, has announced a further extension of flight cancellations till Jul
icon
Bussiness In order to settle the pending contractual disputes of government and government undertakings, the finance ministry has launched the ‘Vivad se Vishwas II – (Contractual Disputes)' scheme, according to an official statement released on Wednesday. Finance Minister Nirmala Sitharam announced th
icon
Bussiness IT electronics refurbishing firm NewJaisa Technologies's initial public offering (IPO) will be open for subscription on Monday, i.e September 25. The company aims to raise ₹39.93 crore through its IPO. The issue will close for subscription on September 27. The company's IPO had opened for anchor investors on Friday. The fresh issue size is of 84,96,000 equity shares at face value of ₹5 each.
icon
Bussiness The Reserve Bank of India (RBI) has announced the launch of the Pilot Project for Public Tech Platform for Frictionless Credit by Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI. The Reserve Bank of India (RBI) has announced the launch of the Pilot Project for Public Tech Platform for Frictionless Credit by Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI.
icon
Bussiness Gogoro In, a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, today announced a vehicle partnership with Swiggy, India’s leading on-demand convenience delivery platform. Gogoro In, a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, today announced a vehicle partnership with Swiggy, India’s leading on-demand convenience delivery platform.
icon
World Ukrainian President Volodymyr Zelensky arrived in the Netherlands on Sunday aiming to strengthen his country's air power, a day after a “heinous" Russian missile strike killed seven people and wounded 148 in Chernihiv. Ukrainian President Volodymyr Zelensky arrived in the Netherlands on Sunday aiming to strengthen his country's air power, a day after a “heinous" Russian missile strike killed seven people and wounded 148 in Chernihiv.
icon
Bussiness India's foreign exchange reserves jumped $708 million to $602.161 billion for the week ended August 11, the Reserve Bank of India (RBI) said on Friday. This is the first increase in the kitty after declining for three consecutive weeks. In the previous reporting week, the overall reserves had declined $2.417 billion to $601.453 billion.
icon
World China has released a new documentary about the army's preparation to attack Taiwan and showcasing soldiers pledging to give up their lives if needed as Beijing continues to ramp up its rhetoric against the self-ruled island. China has released a new documentary about the army's preparation to attac
icon
Life Style Disha Patani went out for a dinner date with her friends last night. The actor got clicked by the paparazzi outside a restaurant in Mumbai. Known for embracing risqué fashion statements, Disha slayed another look for the outing. She wore a golden mini dress featuring intricately-placed cut-outs. Sc
icon
Latest News Sunny Deol's Gadar 2 craze has truly gripped the nation with fans thronging to cinema halls in large numbers. The Anil Sharma directorial also managed to collect around Rs 39 crore on the day of the release, making it the second highest grosser of the year after Pathaan. Celebrating this tremendous res
icon
Latest News The incident took place on Sunday at the Hawthorne Race Course in Illinois. The incident took place on Sunday at the Hawthorne Race Course in Illinois. The incident took place on Sunday at the Hawthorne Race Course in Illinois. The incident took place on Sunday at the Hawthorne Race Course in Illinois.
icon
Latest News NEW DELHI: Union minister Jitendra Singh on Saturday said, BRICS (Brazil, Russia, India, China and South Africa) should continue to hold global significance for being the most populated marketplace, driven by the knowledge, creativity and innovation economy.
icon
Technology The approach of Digital Public Infrastructure, which has gained global prominence, can also help in the area of climate adaptation and mitigation going forward, Chairman and Co-Founder of Infosys and the founding Chairman of UIDAI, Nandan Nilekani said on Sunday.