Uday Kotak is one of India’s most respected bankers and the founder of Kotak Mahindra Bank. He is known for building a huge banking empire from scratch. Recently, he has been in the news because the Gujarat government appointed him as the Chairman of GIFT City (Gujarat International Finance Tec-City).+2
This article covers his life story, his new role, his net worth, and why he is such an important figure in India’s economy.
Why is Uday Kotak Trending Now? (February 2026 Update)
Uday Kotak is currently trending because of a major new responsibility. In February 2026, the Gujarat government appointed him as the Chairman of GIFT City.
GIFT City is India’s first “smart city” for international finance and technology, located in Gandhinagar, Gujarat. The government wants to make it a global hub like Singapore or Dubai. Uday Kotak has replaced Hasmukh Adhia in this role. His job will be to bring more foreign investment and international businesses to India.+2
Early Life: From Cricket to Banking
Uday Kotak was born on March 15, 1959, in Mumbai. He comes from a Gujarati family that was into cotton trading.+1
Interesting Fact: Uday Kotak wanted to be a professional cricketer. However, a serious injury during a match changed his life. After the injury, he focused on his studies. He completed his MBA from the famous Jamnalal Bajaj Institute of Management Studies (JBIMS) in Mumbai.+1
Instead of joining a big company like Hindustan Unilever, he decided to start his own business at the age of 23.
Building the Kotak Empire
In 1985, Uday Kotak started a small finance company with borrowed money from family and friends. He noticed that banks gave very low interest to savers but charged high interest to borrowers. He saw an opportunity to offer better rates to both sides.+1
- The Big Milestone: In 2003, his company became the first non-banking finance company (NBFC) in India to get a banking license from the RBI. This is how Kotak Mahindra Bank was born.
- Growth: Under his leadership, the bank grew rapidly. It acquired ING Vysya Bank in 2014, which was a massive deal.+1
- Digital Success: He also pushed for digital banking with the popular Kotak 811 app.
Today, Kotak Mahindra Bank is one of India’s largest private banks.
Current Roles and Net Worth
- Kotak Mahindra Bank: Uday Kotak stepped down as the MD & CEO of the bank in September 2023. Currently, he serves as a Non-Executive Director.+1
- GIFT City: As of Feb 2026, he is the Chairman of GIFT City.
- Net Worth: Uday Kotak is often ranked as the richest banker in India. According to financial reports in 2025-26, his net worth is estimated to be around $13-14 billion (over ₹1 lakh crore).+1
Family and Personal Life
Uday Kotak is married to Pallavi Kotak. They have two sons:
- Jay Kotak: He works at Kotak Mahindra Bank and is a co-head of the 811 digital bank. He is often seen as a future leader in the bank.
- Dhawal Kotak: He is known for his work in social initiatives and philanthropy.
Why Does This Matter to India?
Uday Kotak’s journey shows the power of entrepreneurship. He did not inherit a bank; he built one. His new role at GIFT City is crucial because the government trusts his brain to shape India’s financial future on the global stage. If GIFT City succeeds, it will bring thousands of jobs and billions of dollars to India.+2
Frequently Asked Questions (FAQs)
Q1: What is Uday Kotak’s new job in 2026?
A: He has been appointed as the Chairman of GIFT City (Gujarat International Finance Tec-City) to lead India’s global financial hub.
Q2: Is Uday Kotak still the CEO of Kotak Mahindra Bank?
A: No, he stepped down as CEO in September 2023. He is now a Non-Executive Director on the board.+1
Q3: What is the net worth of Uday Kotak?
A: His net worth is estimated to be around $13-14 billion, making him India’s richest banker.
Q4: Who is Uday Kotak’s wife?
A: His wife is Pallavi Kotak. She is also involved in the family’s philanthropic work.
Q5: Did Uday Kotak play cricket?
A: Yes, he was a good cricketer in his youth but had to stop playing due to a head injury