Uday Kotak is known to the world as the Managing Director and the Vice-Chairman of Kotak Mahindra Bank. He is best known as a self-made Indian businessman. Currently, Kotak Mahindra Bank is regarded as the third best private sector bank in India.
Early Life and Background
This successful banker was born on March 15 in Mumbai, India, to a traditional upper-middle class Gujarati family which was originally into cotton trading.
He received his earlier education from the Hindi Vidya Bhavan, Mumbai. Uday was very sharp in math. Other than studies, Uday was highly fascinated with the game of cricket. He used to be the captain of the school’s cricket team.
After completing his high school education, Kotak earned his bachelor’s degree from Sydenham College. In 1982, he received his post graduation degree in management studies from Jamnalal Bajaj Institute of Management Studies. Uday used to play cricket during his college days too.
Parents: Uday Kotak was born to Ramesh Kotak and his wife. Due to his passion for cricket, Uday wanted to build his career as a cricketer since his childhood days. But it was his parents and family members who insisted him to continue with studies.
Relationship and Personal Life
Uday Kotak is married to Pallavi Kotak. In 1985, the couple met for the first time in a party and fell in love. They got married within two months of dating. Pallavi could be regarded as the main driving force behind Uday’s success as she supported him to begin his own business rather than joining any MNC with a lucrative pay scale.
The adorable couple is blessed with one son named Jai Kotak and one daughter. Jai is studying MBA at Harvard Business School.
Uday dropped the idea of pursuing his career as a cricketer after undergoing a fatal accident during his college days. He decided to try his hands at business and received a post graduation degree in management studies. While doing his MBA, Uday established a small financial agency and provided money to Nelco, a Tata Subsidiary with a lower rate of interest than that of the banks.
After getting huge success and fame due to this venture, Uday decided to establish something big. His initiatives took the shape of Kotak Mahindra Finance Limited in the year of 1986. Uday took over fifty percent of the stakes of the company. He invested $3,000,000 which came from the resources originated through Nelco. The remaining part of the investment came from Anand Mahindra. Therefore the company was named as Kotak Mahindra. In 2003, Uday Kotak received the license for the business of banking and transmitted the private limited company to Kotak Mahindra bank. Due to his hard work and ambition, Uday has been able to achieve such position and recognition. He has been garnered with many prestigious awards such as the E&Y World Entrepreneur, ET Businessman of the year, CNBC Innovator of the Year, and much more.
It is estimated that this successful Indian banker is blessed with a net worth of around 7 billion USD.