Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Uday Kotak’s journey – from a cotton trader to India’s richest banker

<ul><li><keyword id="1402053" type="General" weightage="20" keywordseo="ashok-vaswani" source="Orion">Ashok Vaswani</keyword> is a Stanford graduate who is also a CA, CS and did his Bachelors at Sydenham College of Commerce.</li><li>Vaswani worked with <keyword id="44473" type="General" weightage="20" keywordseo="citigroup" source="Orion">Citigroup</keyword> and more recently, at <keyword id="6386585" type="General" weightage="20" keywordseo="barclays" source="Orion">Barclays</keyword>, where he built and grew the business to a scale.</li><li>Vaswani is obsessed with technology but also focused on earning the trust of his consumers.</li><li><keyword id="45051" type="General" weightage="20" keywordseo="uday-kotak" source="Orion">Uday Kotak</keyword> has roped in an outsider given the extent of the transformation that <keyword id="46013" type="General" weightage="20" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword> will need in times to come when banks will have to fight for wallet share of consumers. </li></ul>Today, you don’t need to step into a bank to make payments, check your balance or even request for a cheque book. That is if you still use those booklets. Since your bank’s mobile app allows you to do all this and much more online, can there be more digitisation in banking? Well, the new CEO of Kotak Mahindra Bank Ashok Vaswani thinks that a lot more technology can be deployed in banks. As the CEO of Barclays Bank UK, Vaswani knows how the lives of consumers can transform with digitisation. He is also cognisant of the fact that a bank does not only cater to millennials or GenZ population. At Barclays, he had a team of tech experts to help consumers who were even in their 1990s such that they could learn not just digital banking but even chat with grandkids on Skype or Zoom. That is how the new CEO of Kotak Mahindra Bank thinks, given that his head and heart are in the right place. At a time when banks are struggling to keep consumers happy while maintaining high profit margins, Vaswani could well be the man who can plug the gaps. And, if there’s something he can talk about for hours, it is the technological transformation of financial services. Not only is he cognisant of the ease that digital banking brings, but also the risk that comes along with it. This generational shift at India’s fourth largest private bank in India clearly wants to up its game in the years to come by leveraging technology to transform not only its operations but also create new and better services for its customers. Imagine an AI Bot that actually tells consumers every month on how spending on eating out is much more than feasible or that average monthly savings are not good enough when you retire. Yes, Vaswani believes that is the next stage of banking as it can open up different ecosystems. In an interview a few years ago at the University of West England, Bristol, he said: “I would submit that a lot more digitisation can happen. Why would I not be able to tell you, you are earning so much, you are spending this much and you should be saving. Can you imagine, you spent so much money on Uber and that you should be careful?” There are so many aspects of digital transformation that limits are frankly only set in the mind. As the CEO of Barclays UK, he has not just built a lot of products for consumers but even their confidence in the bank and the banking system. It is a refreshing change to hear a CEO talk about confidence in the company and not just on margins. Vaswani has a proven track record spanning three and a half decades across the world’s leading banks. He was initially at Citigroup and more recently, at Barclays, where he built and grew the business to a scale. He brings with him significant executional experience with a high degree of compliance and industrial strength across corporate and consumer businesses. Vaswani was Chief Executive Officer of Barclays Bank, UK and subsequently CEO of their global consumer, private, corporate and payments businesses and Member of the group executive committee. Earlier, he was CEO Citigroup Asia Pacific and Member of the Citigroup Global Operating Management Committees. He also built and ran various country and regional businesses across geographies. What makes him interesting is that he has not only run global banks but has even been president of Pagaya Technologies, a US-Israeli AI fintech company. This kind of exposure makes him a much better candidate than any insider at Kotak Mahindra Bank. At last count, there were three top contenders for the job, but Uday Kotak has roped in an outsider given the extent of the transformation that the bank will need to undertake to remain relevant in the face of competition from other fintechs. Ashok is married to Veena and their daughter is working in the United States of America. It is interesting that Uday Kotak, first generation founder and promoter of Kotak Mahindra Bank, has brought in an outsider to run the bank. Organisations typically are wary of bringing in outsiders at top jobs mostly because of the friction that results from such hiring due to cultural fitment and acceptance of a known candidate. It is easier for the rank and file to accept an insider rather than an outsider but Uday Kotak has chosen to take the risky route. While in some unfortunate cases like Infosys, where Vishal Sikka did not fare too well when promoters stepped away in 2014, the experiment of outsiders has been rather successful at the Tata Group. When Ratan Tata took over the reins at the Tata Group, he brought in Kishor Chaukar who came from ICICI Securities to head Tata Industries. Ravi Kant came in from Philips India in 1999, and headed commercial vehicles for Tata Motors before becoming MD in 2005. In 1998, the then vice-chairman of Hindustan Lever (now known as Hindustan Unilever), moved to Tata Sons as executive director. Typically, Indian corporations bring in overseas talent when they believe that the requisite skills are not available in India. But given that India’s private banking sector has grown and flourished under the stewardship of homegrown talent, this shift is an interesting move by Uday Kotak, who clearly sees merit in Vaswani’s experience outside of India. No wonder Uday Kotak, Founder and Director, Kotak Mahindra Bank said: “I am proud that we bring a ‘Global Indian’ home to build Kotak and India of tomorrow.” Interestingly, Ashok Vaswani is a Bachelor of Commerce, Economics and Accountancy, from the Sydenham College of Commerce and Economics (Bombay University), CA from the Institute of Chartered Accountants of India, CS from the Institute of Company Secretaries of India and Executive Education from the Stanford University Graduate School of Business. Uday Kotak too is alumnus of Sydenham College and has a postgraduate degree in management studies in 1982 from Jamnalal Bajaj Institute of Management Studies.

The CEO who believes that there’s a lot more to digitise at banks

<ul><li>Seven financial stocks were amongst the top ten losers on the Nifty50 index, while the overall sentiment was negative with 35 out of 50 stocks in the index ending in red.</li><li>All sectoral indices were in the red except FMCG – PSU Banks, financial service and realty were among top losers. </li><li>Adani Enterprises continued to fall after <keyword id="6431877" type="General" weightage="80" keywordseo="care-ratings" source="Orion">CARE Ratings</keyword> on Thursday downgraded the outlook on the company to negative from stable amid the ongoing regulatory and legal scrutiny.</li></ul>India’s benchmark indices <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> and Nifty50 slumped lower for second consecutive session with 1% each on Friday led by a heavy sell-off in banking, financial services and realty stocks. The <keyword id="45123" type="General" weightage="80" keywordseo="hdfc" source="Orion">HDFC</keyword> twins were amongst the top five losers. The fall in the Indian indices comes ahead of crucial US jobs data set to be released later today. Investor worries have risen following hawkish comments by the US Federal Reserve chairman <keyword id="1727754" type="General" weightage="80" keywordseo="jerome-powell" source="Orion">Jerome Powell</keyword> this week. The jobs data will be one of the key deciding factors for future rate hikes. All sectoral indices were in the red in the Indian markets except FMCG – PSU Banks, financial service and realty were among top losers. The 30-stock Sensex closed 1.12% or 671 points lower at 59,135, while the 50-stock Nifty50 ended 1% or 177 points lower at 17,413. On Thursday, the Sensex and the Nifty50 had closed 0.9% lower. “The global market's cautious attitude towards the probability of a sharper rate hike was exacerbated by further negative signs from the US market. Selling intensified as the market awaited the release of US unemployment and non-farm payroll data, which will have a significant impact on the upcoming Fed meeting,” said <keyword id="224336" type="General" weightage="80" keywordseo="vinod-nair" source="Orion">Vinod Nair</keyword>, head of research at Geojit Financial Services. Adani Enterprises continued with its losses after CARE Ratings on Thursday downgraded the outlook on the company to negative from stable amid the ongoing regulatory and legal scrutiny. The stock was the top loser on the 50-stock index with a 3% fall. Seven financial stocks were amongst the top ten losers on the Nifty50 index, while the overall sentiment was negative with 35 out of 50 stocks in the index ending in the red. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top 10 losers on Nifty50 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.02% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.61% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospitals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.33% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.07% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.03% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.01% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.94% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finserv </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.71% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.64% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.61% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: NSE, March 10, 2023 Crude oil prices fell for the fourth consecutive session on worries over potential interest rate hike in the US hitting fuel demand. Brent crude oil price fell 0.63% to $81.11 per barrel. Foreign institutional investors sold Indian equities worth ₹2,061 crore on Friday while domestic institutional investors bought equities worth ₹1,350 crore. “While markets are down sharply today, one should not be surprised since the current markets are grappling with questions around various aspects including interest rates and expected economic slowdown, to which there are no clear answers. In such a scenario there will be events that have the potential to cause spiralling damage. These need to be watched for stabilisation. Some panic is therefore understood, adding to a sell-off, which happened today,” said <keyword id="282224" type="General" weightage="80" keywordseo="nitin-rao" source="Orion">Nitin Rao</keyword>, CEO at InCred Wealth. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian sectoral indices </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty PSU Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.19% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.87% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Pvt Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.84% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Fin Service </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.80% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Realty </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.03% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Media </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.01% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Metal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.83% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty IT </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.66% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Auto </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.31% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty Pharma </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.14% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nifty FMCG </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.16% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> All the markets in Asia were in the red too on Friday on rate hike worries. The Hang Seng fell the most at 3.04%. The Nikkei 225 was down 1.67%, Taiwan Weighted closed down 1.55%, the Shanghai Composite was down 1.40% and KOSPI down 1.01%. <cmsannotation type="cmsannotation" annotationid="US’ Silicon Valley Bank’s plunge to have limited impact on Indian banking stocks" comment="subhead" text="US’ Silicon Valley Bank’s plunge to have limited impact on Indian banking stocks">US’ Silicon Valley Bank’s plunge to have limited impact on Indian banking stocks</cmsannotation> Meanwhile in the US, shares of Silicon Valley Bank, a prominent US bank that caters to nearly half of the venture capital-funded startups in the US, plummeted on Thursday amid mounting concerns about the bank’s health. Its stock sank over 60% on Thursday, and over the last one year, it is down over 80%. This has spooked investors as there are worries of a ripple effect. The Dow Jones Industrial Average fell 1.66% while the S&amp;P 500 was down 1.85%. The tech-heavy Nasdaq was down 2.05%. However, this is likely to have limited impact on Indian banking stocks, say analysts. “This is a US-specific issue and will not have an impact on Indian banking stocks. But the sentiment impact can be negative,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services. The origins of Silicon Valley Bank’s crises trace back to 2021, when flush with deposits worth $189 billion at the end of 2021, the bank invested over $80 billion in mortgage backed securities (MBS). Most of these instruments have a 10-year maturity and a yield of 1.56% – much higher than the 0.25% yield on treasury bills. By mid-2022, the US Fed embarked on an aggressive rate hike path to tame inflation. Fast-forward to 2023, the bank is now in a crisis with venture capitalists like <keyword id="380555" type="General" weightage="80" keywordseo="peter-thiel" source="Orion">Peter Thiel</keyword> asking startups to withdraw their money from the bank. “Overnight developments in US banking: markets, analysts, investors underestimate the importance of financial stability for the balance sheet of a bank. When interest rates move up 500 bps from zero in a year, an accident was waiting to happen somewhere,” <a href="https://twitter.com/udaykotak/status/1634035500096040960">said</a> <keyword id="45051" type="General" weightage="80" keywordseo="uday-kotak" source="Orion">Uday Kotak</keyword>, CEO, Kotak Mahindra Bank. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/tata-technologies-files-drhp-with-sebi-all-you-need-to-know-about-this-tata-motors-subsidiary/articleshow/98539244.cms">Tata Technologies files DRHP with SEBI: All you need to know about this Tata Motors subsidiary</a> <a href="https://www.businessinsider.in/entertainment/news/without-hbo-and-ipl-15-million-subscribers-could-flee-disney-hotstar-in-2023/articleshow/98517377.cms">Without HBO and IPL, 15 million subscribers could flee Disney+ Hotstar in 2023</a> <a href="https://www.businessinsider.in/stock-market/news/mutual-funds-raise-bets-on-mid-small-cap-stocks-amid-volatile-markets/articleshow/98516460.cms">Mutual funds raise bets on mid &amp; small-cap stocks amid volatile markets</a>

Sensex, Nifty50 drop 1% dragged down by banking, financial services and realty stocks

<ul><li><keyword id="6379793" type="General" weightage="100" keywordseo="falguni-nayar" source="Orion">Falguni Nayar</keyword> is the richest self-made billionaire with a net worth of ₹57,520 crore.</li><li>However, <keyword id="1490249" type="General" weightage="20" keywordseo="Roshni-Nadar-Malhotra" source="Orion">Roshni Nadar Malhotra</keyword> of HCL Technologies is the wealthiest woman, as per Kotak Private Banking Hurun list.</li><li>Around 25 new women have entered into the list this year, says the report.</li></ul>It’s beauty over biotech as Falguni Nayar overtook Biocon’s <keyword id="6413985" type="General" weightage="20" keywordseo="kiran-mazumdar-shaw" source="Orion">Kiran Mazumdar-Shaw</keyword> as India’s richest self-made woman with a wealth of ₹57,520 crore, as per Kotak Private Banking Hurun’s list of India’s wealthiest women. Nayar’s ranking went up nine places in the list, after the company she founded, Nykaa, went public last year. Roshni Nadar Malhotra of HCL Technologies however retained her title as the wealthiest woman on the list with ₹84,330 crore, for the second year in a row. Around 25 new women have entered into the list this year, says the report. The report further highlights that the cut-off wealth required to feature in the list has almost tripled since last year to ₹300 crore. The women on the 2021 list have an average wealth of around ₹4,170 crore as against ₹2,725 crore in the last year. “Over the years, Indian women are slowly yet surely coming into their own - carving a space for themselves through knowledge, excellence, passion, and empathy,” said <keyword id="14568875" type="General" weightage="80" keywordseo="oisharya-das" source="Orion">Oisharya Das</keyword>, CEO – private banking, <keyword id="46013" type="General" weightage="50" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword>. The list is based on the net worth of women as on 31 st December, 2021. <cmsannotation type="cmsannotation" annotationid="More younger women are becoming self-made billionaires" comment="subhead" text="More younger women are becoming self-made billionaires">More younger women are becoming self-made billionaires</cmsannotation> Even though the founder of Biocon, Shaw, was displaced — her sector pharmaceuticals too saw the most number of new entrants, followed by healthcare and consumer goods. 9 out 20 women under the age of 40 years or younger category are self-made, according to the report. Three professional managers also made it to the list. Pepsico’s <keyword id="6421975" type="General" weightage="80" keywordseo="indra-nooyi" source="Orion">Indra Nooyi</keyword> is the richest professional manager, with a wealth of ₹5,040 crore. And, 33-year-old Kanika Tekriwal of Jetsetgo is the youngest self-made woman. “Women-led wealth creation directly improves women’s employment, corresponding families, and society. Inclusion of women, who represent 50% of India’s population in the workforce or wealth creation, cuts across societal barriers,” said <keyword id="2672295" type="General" weightage="80" keywordseo="anas-rahman-junaid" source="Orion">Anas Rahman Junaid</keyword>, MD and chief researcher at <keyword id="3656834" type="General" weightage="50" keywordseo="hurun-india" source="Orion">Hurun India</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/5g-spectrum-auctions-big-money-is-in-but-no-bidding-war-yet/articleshow/93156289.cms">5G spectrum auctions: Big money is in but no bidding war yet</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/a-massive-data-breach-in-2020-impacted-3-4-million-paytm-usersheres-how-to-find-out-if-your-data-was-compromised/articleshow/93157246.cms">A massive data breach in 2020 impacted 3.4 million Paytm users – here’s how to find out if your data was compromised</a>

Nykaa’s Falguni Nayar overtakes Kiran Mazumdar Shaw as the richest self-made Indian woman

<ul><li>Mukesh Ambani regained his No. 1 position even as his wealth grew only 2% in the year.</li><li>Nearly 65% of people in the list amassed a combined wealth of close to $1 trillion.</li><li>As many as 55 people dropped out of the rich list, the most notable being Byju Raveendran.</li><li>Startup founders’ wealth saw a collective dip of ₹85,000 crore. </li></ul>A lot has changed in the last one year, but there are few surprises in the 360 ONE Wealth Hurun India Rich List 2023 released on Tuesday. The chairman of Reliance Industries Mukesh Ambani surged to the top spot as India’s richest man. India has added 38 <keyword id="6393637" type="General" weightage="20" keywordseo="billionaires" source="Orion">billionaires</keyword> to its rich list, taking the total tally to 259. Even as the developed world is staring at a recession, India is cementing its position as an economic powerhouse. Nearly 65% of people in the rich list amassed a combined wealth of close to $1 trillion. This is akin to the combined GDP of Singapore and the UAE, Hurun said. Mukesh Ambani surpassed Gautam Adani, who dropped to the second spot, in spite of only a 2% growth in his wealth in the last one year. After Adani’s wealth more than halved in the last year, the gap between Ambani and Adani wealth widened by ₹3,30,000 crore. The top 10 has seen a lot of upheaval in the last one year – as only Shiv Nadar and Cyrus Poonawala were able to hold on to the positions they held last year. Gautam Adani’s brother Vinod Shantilal Adani who was the sixth richest Indian last year, exited the top 10 list this year. He is now the twelfth richest Indian after his wealth dropped by 37%. The other notable exit is Uday Kotak, the chairman of Kotak Mahindra Bank who is now the 11th richest man in the county after his wealth dropped 6% last year. Kumar Mangalam Birla &amp; family and Niraj Bajaj &amp; family made a remarkable return to the top 10 this year as wealth went up by 5% and 7% respectively. India <keyword id="8030144" type="General" weightage="20" keywordseo="top-10-richest" source="Orion">Top 10 richest</keyword> Indians <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wealth </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mukesh Ambani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹808,700 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gautam Adani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹474,800 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-57% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cyrus S Poonawalla &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹278,500 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">36% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shiv Nadar &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹228,900 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gopichand Hinduja &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,76,500 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dilip Shanghvi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,64,300 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LN Mittal &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,62,300 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Radhakishan Damani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,43,900 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kumar Mangalam Birla &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,25,600 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Niraj Bajaj &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,20,700 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr></tbody></table>Source: 360 ONE Wealth Hurun India Rich List 2023 ‘India a shining moon as world stares at recession’ The cumulative wealth of 1,319 individuals who possess more than ₹1,000 crore in the rich list went up by 8.5% in the last year. However, their average wealth has decreased by 9.3%. The India Rich List added 273 new entrants and 38 new billionaires over the last year. The number of dollar billionaires also went up to 259, up 38 as compared to last year. “The trends prove that India is a shining moon in a world that is staring at recession. While the China Rich List has dropped 10% for each of this year and last year, both in terms of average wealth and in terms of the number of people that make the list. India is closing the gap,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India. India has 259 billionaires, up 38 compared to last year. While industrial products, metals &amp; mining added the greatest number of new entrants to the list. Pharma still holds the numero uno position and contributed 133 entrants to the list. “Over the past five years, many entrepreneurs have witnessed extraordinary wealth growth, some experiencing an astonishing 1,000% surge. Construction and engineering emerge as the top gainers in the top 100 list, followed closely by pharmaceuticals which has a cut-off of ₹20,000 crore,” said Anirudha Taparia, co-founder and joint CEO, 360 ONE Wealth. Funding winter &amp; founders’ wealth While 264 in the Indian rich list saw their wealth drop in the last one year, there were as many as 55 dropouts. The most notable of the dropouts is Byju Raveendran. The founder of edtech Byju’s exited the list on the back of investor markdowns. The funding winter and its ripple effects led to startup founders on the list experiencing a collective wealth dip of ₹85,000 crore. Recent policies, like the retrospective GST imposition on gaming companies and the angel tax and so on, could potentially hinder long-term wealth generation by startups, Hurun said. However, a few IPOs that stumbled last year did make a comeback. As new-age internet companies gain in value, entrepreneurs like Deepinder Goyal of Zomato and Yashish Dahiya of PB Fintech have seen their wealth increase by over 70%. Startup wealth creation will persist, albeit within a changing landscape, Junaid said. The IPO stars: Public issues and rich list debuts The stock markets also rewarded many public debuts and made their founders into billionaires. Ramesh Kunhikannan’s Kaynes Technology made a strong stock market debut. And he entered the list with a wealth of ₹8,200 crore. The spectacular listing gains provided by stock market debuts of many companies have pulled their owners into the rich list. Some of them include Jagdish Prasad Chowdhary of Titagarh Wagons, Ranjit Pendurthi of Archean Chemical Industries and Ajay P Thakker &amp; family of Jupiter Life Line Hospitals. Pavan Kumar Bajaj and Karan Bajaj of Electronics Mart India and Harsha Engineers’ Harish Rangwala and Rajendra Shantilal Shah too entered the coveted list of richest Indians after their stocks skyrocketed on debut. But there is money to be made in private markets too. Manish Kejriwal of Kedaara Capital became the first Indian Private Equity fund manager to enter the list.

Hurun India Rich List: Birla and Bajaj back in the top ten with Ambani on top in 2023

<ul><li><keyword id="45051" type="PERSON" weightage="20" keywordseo="Uday-Kotak">Uday kotak</keyword> kickstarted a financial consultancy to provide cheap loans to companies at the age of 23. </li><li>The 60-year-old Uday Kotak is the <keyword id="8199778" type="UNKNOWN" weightage="20" keywordseo="richest-banker">richest banker</keyword> in Asia with <keyword id="6383453" type="UNKNOWN" weightage="20" keywordseo="wealth">wealth</keyword> of $11.8 billion, according to forbes. </li><li> His net worth grew by 268% from $3 billion in 2010 to $ 11.8 billion in 2019, primarily because of the increased value of his shareholding in Kotak Mahindra Bank. </li></ul>If not for his father, Asia’s richest banker Uday Kotak would have been working for Hindustan Unilever. While HUL could have gained from it, that was not to be. Uday’s father Suresh Kotak, convinced him to open his own business at 300 sq. ft office space. The 23 year old kickstarted a financial consultancy to provide cheap loans to companies. When he started in 1985, the interest rates for loans were very high. On the other hand, depositors too gained next to nothing from banks and deposit rates were low. "I was shocked to find that triple-A-rated borrowers would get money at 17% when families I knew would only get 6% interest on their money," he told <a href="https://www.ft.com/content/28a81150-ebfc-11e3-ab1b-00144feabdc0">the Financial Times. </a> The idea to fix both these gaps, turned out to be revolutionary. Today, Kotak Mahindra Bank is the third most valued private bank in India, serving 14.5 million customers. It has over 1400 branches and $51 million assets as of 2019. ' <div type="Slideshow" msid="71516895" hostid="261" title="Uday Kotak, Asia's richest banker, multiplied his wealth four times in a decade" firstImageMsid="71517185" slideCount="6"></div>

Uday Kotak, Asia's richest banker, multiplied his wealth four times in a decade

Which Zodiac signs do the biggest billionaires belong to?

<keyword id="13473" type="General" weightage="50" keywordseo="north-korea" source="Orion">North Korea</keyword> is in urgent need of food imports or assistance as many of its people continue to suffer from food shortages and malnutrition, with the gap estimated at 860,000 tonnes, data from the US intelligence community revealed on Tuesday. The country's food gap is equivalent to around two to three months of food use, with the woes deepening in the midst of economic constraints attributable to its ongoing Covid-19 fight, <keyword id="1248424" type="General" weightage="50" keywordseo="yonhap-news-agency" source="Orion">Yonhap News Agency</keyword> reported citing the data posted on the online <keyword id="14073849" type="General" weightage="50" keywordseo="world-factbook-of-the-central-intelligence-agency" source="Orion">World Factbook of the Central Intelligence Agency</keyword> (<keyword id="44293" type="General" weightage="100" keywordseo="cia" source="Orion">CIA</keyword>). "Due to low food consumption levels, poor dietary diversity, and economic downturn, a large portion of the population suffers from low levels of food consumption and very poor dietary diversity," it says. "The economic constraints, particularly resulting from the global impact of the Covid-19 pandemic, have increased the population's vulnerability to food insecurity. "If this gap is not adequately covered through commercial imports and/or food aid, households could experience a harsh lean period," it added. The North imposed stringent border controls against the pandemic in early 2020. It even implemented nationwide lockdowns after admitting to a Covid-19 outbreak earlier this month. The CIA put the North's population this year at 25.96 million, with 3.13 million, or 12 per cent of the total, living in the capital city of Pyongyang. The average life expectancy in the nation is estimated at 71.77 years, it said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/startups/news/byjus-to-divert-focus-on-global-businesses-as-indian-market-is-shrinking/articleshow/91892281.cms">World's highest valued edtech startup Byju's to divert focus on global businesses as Indian market is shrinking</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/uday-kotak-might-be-grooming-his-son-jay-kotak-for-a-top-job-at-his-bank/articleshow/91891362.cms">Asia’s richest banker Uday Kotak might be grooming his son Jay Kotak for a top job at his bank</a>

North Korea faces food shortages estimated at 860,000 tonnes amid economic constraints and COVID-19: CIA data

<ul><li><keyword id="46013" type="CITY" weightage="20" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword>, <keyword id="2240511" type="PERSON" weightage="20" keywordseo="Bandhan-Bank">Bandhan Bank</keyword> and <keyword id="46717" type="CITY" weightage="20" keywordseo="IndusInd-Bank">IndusInd Bank</keyword> continue to trade be in the green.</li><li>Kotak Mahindra Bank leads the pack after <keyword id="45051" type="PERSON" weightage="20" keywordseo="Uday-Kotak">Uday Kotak</keyword> announced that he's selling 2.83% of his stake in the bank.</li><li>India's largest bank, the State Bank of India (SBI), reported flat gains with RBL Bank and Bank of Baroda trading in the red. </li></ul>The banking sector is in the green as the Unlock 1.0 comes into effect and market sentiment expects financial services to recover. Kotak Mahindra Bank’s share price <a href="https://www.businessinsider.in/business/news/kotak-mahindra-bank-shares-rally-8-pc/articleshow/76150119.cms">surged by nearly 8%</a> to hit ₹1,348 after Uday Kotak announced he would be selling 2.83% of this stake — worth over ₹6,800 crore. <div type="Article" hostid="261" msid="76141837" title="Billionaire Uday Kotak to sell 2.83% stake worth over ₹6,800 crore in Kotak Mahindra Bank" mstype="2" mssubtype="0"></div> Kotak Mahindra Bank continues to be the top gainer on the stock market followed by Bandhan Bank, IndusInd Bank and Axis Bank. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/2675172" data-url="https://flo.uri.sh/visualisation/2675172/embed"></div>]]></cdata></div> However, the light is no longer as bright for three entities, including India’s largest bank, the State Bank of India (SBI). SBI’s share price, along with RBL Bank and Bank of Baroda. SBI ended the day with flat growth with the former two trading in the red despite yesterday’s surge. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock price change (%) </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7.57 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bandhan Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6.18 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6.00 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.31 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.70 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.35 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IDFC First Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">0.85 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Federal Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.04 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-0.26 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-1.18 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">RBL Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-2.08 </td></tr></tbody></table> Refinancing pivots Kotak Mahindra Bank in the lead Before Uday Kotak decided to sell nearly 3% of his take in Kotak Mahindra Bank, it had already announced a qualified institutional placement (QIP) of ₹7,000 crore. This allowed the private lender to raise capital from domestic markets without the need to submit a pre-issue filing with the Securities and Exchange Board of India (SEBI). Despite filing an appeal with the regulator to allow Asia’s richest banker to retain his stake amid the coronavirus pandemic, he is selling his stake to meet the Reserve Bank of India (RBI) mandate of 26%. "Uday Suresh Kotak will sell 56 million equity shares or 2.83% of equity of bank through the block deal. After the dilution, his personal holding will come down to 26.1% from 28.93% now," as per the term sheet. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/yes-bank-is-looking-to-raise-10000-crore-through-fpo-with-kotak-securities-axis-capital-and-sbi-capital-reportedly-to-be-key-players/articleshow/76153458.cms">Yes Bank is looking to raise ₹10,000 crore through FPO – with Kotak Securities, Axis Capital, and SBI Capital reportedly to be key players</a> <a href="https://www.businessinsider.in/careers/news/jp-morgan-sets-aside-17-crore-to-upskill-4800-indian-graduates-for-banking-jobs/articleshow/76152133.cms">JP Morgan sets aside ₹17 crore to upskill 4,800 Indian graduates for banking jobs</a> <a href="https://www.businessinsider.in/stock-market/news/tata-power-hare-price-chart-after-acquisition-of-odishas-power-distribution-and-plans-to-reduce-debt/articleshow/76150469.cms">Tata Power shares jump 4% after company takes over Odisha’s power distribution and announces plans to reduce debt</a>

Kotak Mahindra Bank, Bandhan Bank and IndusInd Bank share prices soar with refinancing pulling them out of the red

Mumbai, Jun 1 () Billionaire banker Uday Kotak, who had a long run-in with the Reserve Bank over his excess personal holding in Kotak Mahindra Bank, will sell 2.8 per cent stake in the lender for at least Rs 6,800 crore. The move would bring the curtains down on a long standoff between the regulator and the bank over the issue, which saw Kotak dragging the RBI to the Bombay High Court in December 2018, and the case is still pending. "The stake dilution will be done through a block deal and will be completed shortly at a price band of Rs 1,215 to Rs 1,240 a share," a person familiar with the development told . As per the term sheet, the deal would be worth Rs 6,800 crore at the lower end of the price band. Currently, Kotak and his family holds 28.8 per cent stake in the bank as against the RBI mandate of 26 per cent. Kotak, the richest banker in Asia, is the Managing Director of Kotak Mahindra Bank, which is the fourth largest private sector lender in the country. BEN RAM

Uday Kotak to sell 2.8 pc stake in Kotak Mahindra Bank

<ul><li><keyword id="46013" type="CITY" weightage="20" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword> reported a 10% decline in net profits in its fourth-quarter earnings.</li><li>Uday Kotak, CEO of Kotak Mahindra Bank, said the private sector entity will 'need to be clear on lending'.</li><li>He emphasised how the stagnation in the real estate sector is likely to have a heavy impact on banks.</li></ul>Kotak Mahindra Bank reported a 10% decline in consolidated net profit at ₹1,951.82 crore for the fourth quarter ended March 2020 compared to the same time last year. The bank had to provide 167% more provisions for possible bad loans after the COVID-19 outbreak. <div type="image" title="Kotak net profits" msid="75728576" hostid="261" caption="&amp;lt;p&amp;gt;Kotak Mahindra Bank&amp;#39;s net profits over the last five quarters&amp;lt;/p&amp;gt;"></div> Uday Kotak, the CEO of Kotak Mahindra Bank, struck a note of caution soon after the earnings. "The real estate sector is obviously going through a pain, which will have an impact on the financial sector," he said during the fourth-quarter earnings call. "We need to be clear on lending to the sector, focus on companies’ fixed costs and the level of leverage it is carrying," he added. The prudence in Kotak’s voice struck a chord with analysts. For instance, despite the rising risk for India’s banking sector as a whole, broking firm Motilal Oswal set a target price of ₹1,350 ⁠— implying gains of 13% from the closing on May 13 ⁠— with a ‘neutral’ rating on Kotak Bank. <div type="image" title="Kotak Mahindra (4)" msid="75732362" hostid="261" caption="&amp;lt;p&amp;gt;Kotak Mahindra Bank&amp;#39;s share price since the nationwide coronavirus lockdown was announced&amp;lt;/p&amp;gt;"></div> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank Q4 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deposits </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.58% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Advances </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.64% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Provision for bad loans (QoQ) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">167% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gross NPA (QoQ) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.14% </td></tr></tbody></table>Source: Kotak Mahindra Bank fourth-quarter earnings. All growth is year-on-year unless otherwise specified. Analysts have pointed out that the bank's asset quality could be at risk with its exposure to loans in vulnerable sectors like auto and unsecured personal loans, which are some of the worst affected in the current situation with factories closed and unemployment on the rise. Together, they account for nearly 24% of Kotak’s total loans, according to a UBS report dated 13 April. <div type="Article" hostid="261" msid="75707938" title="Kotak Mahindra Bank's earnings may reflect the pain in India’s auto sector as well as the rising job losses and pay cuts" mstype="2" mssubtype="0"></div> See also: <a href="https://www.businessinsider.in/business/corporates/news/havells-shares-are-riding-the-stimulus-but-the-lockdown-has-brought-down-to-nearly-a-third/articleshow/75713528.cms">Havells shares are riding the stimulus wave but the lockdown has brought down to nearly a third</a> <a href="https://www.businessinsider.in/business/corporates/news/maruti-suzuki-share-price-as-q4-profit-falls-28/articleshow/75715791.cms">As expected, Maruti Suzuki’s profit falls 28% as slow sales hit productivity while costs remained steady</a> <a href="https://www.businessinsider.in/policy/economy/news/top-highlights-of-finance-minister-nirmala-sitharaman-speech-on-modi-20-lakh-crore-covid-19-stimulus/articleshow/75714287.cms">Finance Minister Nirmala Sitharaman reveals the details of Modi's ₹20 lakh crore stimulus package</a>

You Searched For "richest bank uday kotak" and got 11 results

Uday Kotak’s journey – from a cotton trader to India’s richest banker

Sourabh Jain

The CEO who believes that there’s a lot more to digitise at banks

Malini Bhupta

Sensex, Nifty50 drop 1% dragged down by banking, financial services and realty stocks

Rounak

Bhakti

Nykaa’s Falguni Nayar overtakes Kiran Mazumdar Shaw as the richest self-made Indian woman

Vaamanaa Sethi

Hurun India Rich List: Birla and Bajaj back in the top ten with Ambani on top in 2023

Katya Naidu

Uday Kotak, Asia's richest banker, multiplied his wealth four times in a decade

Preeti Soni

Which Zodiac signs do the biggest billionaires belong to?

Katya Naidu

North Korea faces food shortages estimated at 860,000 tonnes amid economic constraints and COVID-19: CIA data

IANS

Kotak Mahindra Bank, Bandhan Bank and IndusInd Bank share prices soar with refinancing pulling them out of the red

Business Insider India

Uday Kotak to sell 2.8 pc stake in Kotak Mahindra Bank

PTI

Uday Kotak says Kotak Mahindra Bank 'needs to be clear on lending' as profits dip by 10% in Q4

Prabhjote Gill

Popular Keywords

Buying Guides