Kotak Mahindra said "right sectors" to invest in India include digital, e-commerce, technology, pharmaceutical and consumers.
This is Kotak's second extension on IL&FS board, after the government extended his term for a year in October last year
The way India understands self-reliance is certainly being stronger, more confident and at the same time globally engaged, Kotak added.
Uday Kotak said "we are moving to a world in finance, technology and business to a never normal world".
Speaking at a virtual interaction, Uday Kotak emphasised that the financial sector must have adequate capital risk management expertise
HDFC Bank Managing Director Aditya Puri took home a total remuneration of Rs 18.9 crore in FY20
Aggregate value of debt being addressed is now estimated as over Rs 57,000 crore – with around Rs 50,500 crore likely to be addressed by March 2021
Kotak further said there will be costs that cannot be borne by businesses or the government, and these will be borne by the financial sector.
Kotak said that for private sector banks conservatism arises as they need to safeguard the interest of the depositors, whose trust in the private sector is critical for their functioning.
The nearest contender to break Puri’s record is Kotak Mahindra Bank’s promoter and CEO, Udaky Kotak, who has completed 17 years as bank chief. Kotak is the chief executive of the bank since 2004.
The outbreak of COVID-19 and sudden fall in demand has hit industries across the world.
Citing an example of Stressed Assets Stabilization Fund (SASF), set up by erstwhile Industrial Development Bank of India (IDBI), Kotak said it did not work well.
Urging India Inc to take advantage of the opportunity thrown up by COVID-19 crisis, he said, those with lower leverage should not shy away from making fresh and bold investment in the new strategic sectors.
Kotak concurred with the Reserve Bank of India, which said that borrowers who avail moratorium on their bank loans will have to pay the interest accrued during that period.
CII on June 4 laid out a 10-point road map to revive growth and navigate the challenges of loss of lives and livelihoods posed by the global pandemic Covid 19 that has forced countries across the world to reset their growth paths
Uday Kotak said the CII is committed to the government's Aatmanirbhar Bharat Abhiyan.
TV Narendran, CEO and Managing Director of Tata Steel Limited, is now the President-designate of CII for 2020-21.
The second highest buyer of shares was Oppenheimer Developing Markets Fund.
Moody's Investors Service on Monday downgraded the country's rating by one notch to 'Baa3', the lowest in the investment grade, with a negative outlook on worries over growth and fiscal risks.
Moneycontrol's Sakshi Batra does a 3-Point Analysis on the development.
The move will bring the curtains down on an extended standoff between the regulator and the bank over the reduction in promoter shareholding.
However, his comments drew flak from quite a few people who did not take well his suggestion that India could serve as a provider of 'cheap labour'.
To support government’s relief work, on 30th March, Kotak Mahindra Bank contributed Rs 25 crore to the PM Cares Fund and Rs 10 crore to the relief efforts in Maharashtra. Uday Kotak has also made a personal contribution of Rs 25 crore to the PM Cares fund.
Sources say the bank recently submitted a proposal for Lakshmi Vilas Bank to the RBI.
This compromise shows RBI in poor light