Uday Kotak

Such a move, he says, is necessary to reduce suffering. Though healthcare workers are putting in their best efforts to tackle the crisis, it might not be enough to manage the escalating caseloads with the medical talent available, he says. CII also lists a number of other suggestions.

The RBI rules allow Uday Kotak to continue till January 1, 2024 . However, the regulator has given a signal to the bank to plan the transition process.

Late former president Pranab Mukherjee was posthumously bestowed with the Hall of Fame Award, which was received by his daughter Sharmishtha Mukherjee.

The private sector banks can be involved in "conduct of government-related banking transactions such as taxes and other revenue payment facilities", the Department of Financial Services (DFS) said.

The expenditure which would be incurred to vaccinate the employees and local communities could be made "part of the Corporate Social Responsibility (CSR)", Kotak reportedly suggested to the Prime Minister.

It may be noted that the board of the bank and the shareholders had approved these re-appointments, subject to the approval of the RBI, at their respective meetings held on May 13, 2020, and August 18, 2020, the filing said.

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

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.

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.