'Investment of ₹10,000 in 1985 would be now ₹300 crore,' says Uday Kotak
₹10,000 has given him crores of returns. In a post on X platform (formerly Twitter), Kotak wrote, "We are now a pre-eminent bank & financial institution, created on the basic tenets of trust and transparency. We have created value for our stakeholders and provide over 1 lakh direct jobs.
An investment of ₹10,000 with us in 1985 would be worth around ₹300 crore today". Kotak wrote that 38 years ago he saw a dream of creating an institution like JP Morgan and Goldman Sachs in India. It is with this dream he started Kotak Mahindra Bank with 3 employees in a 300 sqft office in Fort, Mumbai.
Also read: ‘No finish line to His-story’: Anand Mahindra on Uday Kotak's resignation "I am confident that this Indian-owned institution will continue to play an even more important role in India’s transformation into a social and economic powerhouse," he added. On Saturday, Kotak gave up reins earlier than expected to take on the role of a non-executive director. Kotak has passed the baton to to Joint Managing Director at Kotak Mahindra Bank -- Dipak Gupta.
Gupta will take charge as interim MD and CEO until 31 December subject to the approval of the Reserve Bank of India and members of Kotak Mahindra Bank, according to an exchange filing. The lender has already submitted an application to the central bank for approval of the new MD and CEO with effect from 1 January 2024. Also read: Uday Kotak passes baton of Kotak Mahindra Bank to Dipak Gupta, top things to know The founder of Kotak Mahindra Bank said he decided to resign before his term expires on 31 December after thinking it over for “some time." He cited personal reasons for the decision and said he believes “it is the right thing for the institution." Kotak said he still retained
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