From start-up banker to Padma Bhushan: Uday Kotak's inspiring journey
What's the story
In a significant celebration of India's financial architects, veteran banker Uday Kotak (66) was conferred the Padma Bhushan on the eve of Republic Day 2026. This honor recognizes his exceptional contribution to the financial sector over nearly four decades. Expressing his gratitude, Kotak noted that the India of today is unrecognizable from the one he was born in, adding, "We have miles to go before we sleep," while emphasizing his commitment to the path of karma.
Education
Kotak's educational background
Kotak's journey began with a strong academic foundation in Mumbai. He earned a Bachelor of Commerce from Sydenham College before completing his Master in Management Studies (MBA) from the Jamnalal Bajaj Institute of Management Studies (JBIMS) in 1982. Interestingly, a cricket injury during his youth led him to pivot from sports toward mathematics and finance, eventually turning down a lucrative MNC job offer to start his own venture in a 300-square-foot office.
Entrepreneurial journey
Kotak borrowed ₹30 lakh to start bill-discounting business in 1985
In 1985, with ₹30 lakh borrowed from family and friends, Kotak started a small bill-discounting business. This seed grew into Kotak Mahindra Finance Ltd., which made history in 2003 by becoming India's first non-banking financial company to receive a commercial banking license. Under his leadership, the group transformed into a diversified conglomerate spanning investment banking, insurance, and wealth management, with the bank becoming one of India's largest private sector lenders.
Legacy
Kotak's career is decorated with global accolades
Beyond the Padma Bhushan, Kotak's career is decorated with global accolades, including being named EY World Entrepreneur Of The Year in 2014. He served as President of the Confederation of Indian Industry (CII) and chaired the board of IL&FS to help resolve its debt crisis. Having stepped down as CEO in 2023, he continues to guide the institution as a non-executive director, solidifying his legacy as "Asia's richest banker." As per Forbes, Kotak's current net worth is $14 billion.