The man behind Kotak Mahindra- Uday Kotak
The trouble with opportunity is, it never announces when it comes. It’s only after it’s gone, you’d realize that you missed it – Uday Kotak
Uday Kotak is the Vice Chairman and the Managing Director of Kotak Mahindra Bank. He is a self made Indian Business man with a net worth of 7.6 billion dollars. In less than two decades he has not only made a prodigious fortune but has also created a brand name in the banking and investment industry. Presently, Kotak Mahindra Bank is the 4th largest private sector bank in India.
Uday realized the vital importance of the banking industry in the flourishing market like India and the stringent control of the government over this sector. After having established himself firmly as a service provider in the non banking sector, he wanted to make an entry and explore the banking sector. He observed that the sector was controlled by ineffective state owned banks and also the helplessness of the foreign banks to open new branches because of the regulatory approvals. He predicted that since Central Bank has barricaded foreign banks to acquire more than 5% of any domestic banks till 2009, his bank will derive its market share at the cost of state-owned banks. Therefore Mr. Kotak decided to make an entry into the banking sector by applying for a banking license with the RBI and was finally granted with the same in 2003. The banking license allowed Uday to operate at least six different businesses from a single dais. As quoted by Uday himself “A dramatic change has taken place in India. This nation of savers has turned into a nation of investors and spenders. That’s an exploding opportunity for a banker”
Uday Kotak’s journey wasn’t easy as he had to face a lot of obstacles and challenges. The hitches came in the form of investments gone sour when companies like ABCL, the Matrix Information Services etc failed to deliver. Because of his superior entrepreneurial skills he didn’t take much time to recover from such instances and hence regained his position as the top Indian banker of his era.
In addition to his caliber, dedication and affinity towards numbers, it is his ability to channel the efforts of his workforce to the maximum possible benefit of his organization which helps him in attaining milestones. He assumes social responsibility and in regard of this he has established “Kotak Education Foundation” along with his wife to cater to the educational needs of the under-privileged children.
Here are some Business facts about Uday Kotak,