Uday Kotak, who, nearly four decades ago, founded the Kotak Mahindra Bank, has been living a life of retirement since he stepped down as Chairman and Managing Director last September. In his own words, Kotak is enjoying the freedom of not being a regulated banker.
In a moment of candour during a panel discussion during the CNBC-TV18 EY Entrepreneur of the Year awards in Mumbai on Friday, February 23, Kotak said his surprise decision to step down after 39 years at the helm was informed by what, in his opinion, was best for the bank—the institution is bigger than the individual.
"The institution is more important than any individual—you (must) keep that compass in mind and focus on the institution and what's right for the institution," Kotak said when asked how hard it was for him to let go.
WHAT AN ENTREPRENEUR OF THE FUTURE REQUIRES @udaykotak lists out the top 3 human qualities
-Simplicity-Prudence-Humility @ShereenBhan#25EOYIndia #BuildersOfABetterIndia pic.twitter.com/02ATuOaYgC— CNBC-TV18 (@CNBCTV18News) February 23, 2024
"Individuals come and go, but the institution must sustain and grow over a long period of time," Kotak said, citing the example of JPMorgan Chase & Co— the world's largest bank by market capitalisation.
"Look at the history of some of the biggest successes in the world—in the financial sector, JP Morgan. There was a Mr JP Morgan (who founded the institution in 1871) once upon a time. He's dead and gone, (but) the institution JPMorgan has sustained—that was the key focus for me as an individual in the context of the institution."
How has retirement treated Kotak in the past six months? It is a little-known fact that Kotak, who currently serves as the non-executive director of the bank, stopped sitting at Kotak Mahindra Bank's office and moved to a different building the day after he resigned from his position. Was the move difficult?
"I can assure you, I'm enjoying the freedom of being a private citizen for a change rather than being a regulated person," Kotak said to smiles and applause from his fellow panelists and guests present at the event.
(Edited by : Ajay Vaishnav)
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