Exploring the evolution of Kotak Mahindra Bank as Uday Kotak resigns
resigned as the managing director and chief executive four months before his term was set to end, the bank said in a stock exchange filing on Saturday. Kotak Mahindra Bank is India's fourth largest private sector bank by assets.
It was a bill discounting deal with Nelco that began the financial services journey of Kotak Mahindra group founder Uday Kotak. Founded in 1985, the Kotak Mahindra group started a bill discounting business under Kotak Mahindra Finance.
As per public disclosures, Kotak Mahindra Finance got a banking licence from the Reserve Bank of India (RBI) in February 2003 and became the first non-banking finance company (NBFC) in India to convert into a bank: Kotak Mahindra Bank Ltd. Here is the chronological account of the bank's progress: 1985 – Kotak Mahindra Finance commences bill discounting business 1987 – Enters lease and hire purchase business 1990 – Launches auto finance division for passenger cars 1991 – Establishes investment banking 1995 – Launches KMCC, a joint venture with Goldman Sachs Group for investment banking 1996 – Launches Kotak Mahindra Primus Ltd.
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