Uday Kotak

Net worth over time

Biography

• Spurning his family's trading business, Uday Kotak started a finance firm in 1985 then went on to convert it into a bank in 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.
• In 2023, Kotak stepped down as CEO and managing director of the bank, four months ahead of his retirement. He's now a non-executive director on the board.
• The bank is now run by a former Citibanker. Kotak's son, Jay Kotak, a Harvard Business School grad, is vice president and co-head of the Kotak811 digital bank.
• The bank sold a 70% stake in its general insurance arm to Zurich Insurance for $640 million in 2024. The joint venture is now called Zurich Kotak General Insurance.
• Kotak was initially backed by tractor tycoon Anand Mahindra, who still holds a small stake in the bank.
• Kotak's 811 app draws its name from November 8, the day in 2016 when the government cancelled 86% of all rupees in circulation.
• In 2018, Kotak was appointed by the government as non-executive chairman of the debt-strapped Infrastructure Leasing & Financial Services until 2022.
• In 2020, Kotak sold some shares to reduce his stake in the bank as mandated by the Reserve Bank of India.
• In 2026, Kotak was conferred the Padma Bhushan, one of India's highest civilian awards.

Financial assets