Uday Kotak

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.

RK Singh also indicated that unlike earlier practice of having multiple schemes, the Centre would channelise all efforts through one scheme, and states would have to reduce the losses of discoms to get all benefits

In a New Year message to employees, Kotak urged everyone to be on the toes in the current environment where Charles Darwin's 'Survival of the Fittest' is most applicable and also gave examples of sectors like telecom, airlines, real estate and finance, where there have been troubles.

In October 2018, the government had seized control of the debt-trapped company and superseded its board with one led by Kotak.

Kotak also noted that historically, whenever there has been a problem with a private sector lender, it has been merged with a state-run bank.

Kotak was speaking at the CII Financial Market Summit 2019.

Kotak, the head of the private sector lender Kotak Mahindra Bank, said non-disruptive creative destruction is essential for the financial sector to help in winding up of businesses.

Kotak expects credit growth to be between 15-20 percent, supported by a higher net interest income (NII) and net interest margin (NIMs) by end of March 2020.

The government appointed Kotak to head the lender's board, which will help the troubled company come out of difficulties, after the state took over the board.

Garg also talked about how there was a need for a framework to resolve stressed financial entities and that the Financial Resolution and Deposit Insurance (FRDI) Bill, which was dropped last year, should be revisited.

Representatives from the capital markets and FPIs are slotted to meet the FM on August 9.

Kotak, the managing director Kotak Mahindra Bank, also called for "steroids" for the auto industry to push up sagging sales, which is very essential for propping up growth.

Fashion empire Louis Vuitton head Bernard Arnault had the largest individual gain of $39 billion, which catapulted him to the second spot

The next six months are crucial for the financial sector, Kotak, the executive vice-chairman of Kotak Mahindra Bank said, adding the fear this time is the financial sector impacting both itself as well as the real sector.

While the Bombay High Court has “no time” to address the case before 2020, market experts have strong opinions about Kotak’s defiance against the RBI.

The video encompasses a wide spectra of people – from grocery shopkeepers and owners of lunch homes to budding entrepreneurs and industry stalwarts.

Kotak said time has come to bridge the gap by breaking the ground consistently so to have a situation where everyone gets a better balance between the principles and the rules.

The vice chairman and managing director of Kotak Mahindra Bank also said that it may look at a further reduction in MCLR.