Uday Kotak Profile: All About The Man Behind India's First NBFC That Became A Bank — IN PICS

Kotak Mahindra Bank MD and CEO Uday Kotak resigned from his post effective September 1, after leading for 38 years India's first NBFC that converted into a bank. All you need to know about him.

Uday Kotak Profile Kotak Mahindra Bank MD and CEO Man Behind India's First NBFC That Become Bank RBI Tussle Photo Gallery

Founded in 1986 as an NBFC with “3 employees”, Kotak Mahindra Finance Ltd has become one of the leading financial and banking sector institutions in India. Behind this is the man who wanted to make a Goldman Sachs or JP Morgan for India, Uday Kotak. Today, Kotak Mahindra Bank is worth around Rs 300 crore as Uday Kotak steps down as its MD and CEO. As per Bloomberg Billionaires Index, Uday Kotak has a net worth of about $13.4 billion. (Image Getty)

In 1986, Uday Kotak founded Kotak Mahindra Finance Ltd. with an initial investment of Rs 30 lakhs, holding a 50 per cent stake at the age of 26. He seized the opportunity to offer working capital to Tata subsidiary Nelco, providing credit at a rate lower than the prevailing bank rates, during an era when banks operated with a substantial spread between deposit returns (6 per cent) and loan interest rates (17 per cent). (Image: Getty)