Section 34
Uday Kotak
Began with bill discounting in 1985 and built the first Indian finance company to become a bank. (Kotak Mahindra Bank)
- life
- Born 1959
- era
- 1991 to 2010
- 26
- Age when he started · 1985
- 2003
- Year it became India's first NBFC-turned-bank · 2003
The story
Uday Kotak started his finance business in 1985 at the age of 26, with a small loan from family and friends. Its first business was bill discounting: paying companies early against invoices due later.
The firm, Kotak Mahindra Finance, added leasing and hire purchase in 1987, car finance in 1990 and investment banking in 1991. In 1995 it formed an investment-banking joint venture with Goldman Sachs, and in 1996 a car-finance venture with Ford Credit.
In 2003 Kotak Mahindra Finance became the first non-banking finance company in India to convert into a commercial bank. In 2014 ING Vysya Bank merged into Kotak Mahindra Bank.
Timeline
- 1985Starts bill discounting.
- 1987Enters leasing and hire purchase.
- 1991Sets up an investment banking division.
- 1995Joint venture with Goldman Sachs.
- 2003Becomes India's first NBFC to convert into a commercial bank.
- 2014ING Vysya Bank merges with Kotak Mahindra Bank.