Winning Bizness Sports Desk

Mumbai. It was the Kotak family's turn to hand over the business reins to the younger generation after the Reliance family. Uday Kotak, founder, CEO and MD of Kotak Mahindra Bank, the third largest private sector lender in the country, resigned by submitting a handwritten letter to the board of directors. His tenure ended on 31 December 2023. In his place, Joint MD of the bank Deepak Gupta will be the temporary CEO-MD. Kotak used to play in Mumbai's Kanga League. He had to leave cricket after getting a head injury.

What did he write in the letter?

In his 2 page letter, an ardent fan of cricket, Uday wrote, "38 years ago I started Kotak Mahindra Bank with 3 employees in a 300 sqft space in Mumbai Fort. Today it is a highly valuable company for the shareholders with a presence in 5 countries and 1 lakh employees. I have lived my dream passionately every moment of this memorable journey. I saw names like JP Morgan and Goldman Sachs dominating the finance industry. My dream was to create such an organization in India. I had the honor of being the founder, promoter and shareholder of this great institution. I am grateful for the support, guidance and dedication of my employees, co-workers, stakeholders, regulators, directors, friends, family and all those who have helped me live this dream.- Uday Kotak."

Anand Mahindra showered praise

Responding to Kotak's tweet, Mahindra Group Chairman Anand Mahindra wrote, "In 1985, young Uday came to me with an investment proposal. Then I was in a dilemma. The Rs 1 lakh I had invested then has increased to Rs 2200 crore today... This is not the finish line, Uday is starting a new chapter. Here's to more adventures, my friends." Uday Kotak is a cricketer by heart and an accidental banker.

Kotak's family is originally from Pakistan

Kotak's family is originally from Pakistan. He came to India after partition. Born in a Gujarati family, Uday wanted to get into a job after doing MBA. But he liked his father's advice to do business. He lived in a house where 60 people used one kitchen. The business was joint. Uday says, this was the best example of capitalism and socialism at home. Kotak had bought 5,000 Marutis to increase the sales of car loans, so that customers who took loans from them would get cars immediately. Then there was a waiting period of 6 months. A cricketer by heart and an accidental banker...

Total net worth is Rs 1.10 lakh crore

Kotak Mahindra Bank is the third largest private bank in the country today. Uday Kotak started this institution in the year 1985 as a Non-Banking Finance Company (NBFC), which later became a bank. He has been heading this bank since then. This bank became a commercial lender in the year 2023. In more than three decades, the valuation of this bank has increased significantly. Kotak says that the investor who invested Rs 10,000 in the bank in 1985 is now worth Rs 300 crore. Kotak holds 26% stake in this bank. According to the Bloomberg Billionaires Index, Uday Kotak's total net worth is $ 13.4 billion i.e. Rs 1.10 lakh crore.