Back'Investment of ₹10,000 in 1985 would be now ₹300 crore,' says Uday Kotak
Asia's richest banker Uday Kotak highlights how his investment of ₹10,000 has given him crores of returns. He has resigned as CEO and MD of Kotak Mahindra Bank.
PremiumAsia'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.
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"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.
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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."
“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".
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