Veteran banker Uday Kotak has been appointed as the new chairman of Gujarat International Finance Tec-City Company Ltd., popularly known as GIFT City, by the Gujarat Government on Friday, according to reports.
Kotak is a renowned Indian banker, billionaire and founder of Kotak Mahindra Bank. In 1985, he founded Kotak Mahindra Finance Ltd., which went on to become the first Indian non-banking financial company to transition into a bank after securing a license.
The billionaire was born to a Gujarati family in Mumbai and pursued a Bachelor’s degree in Commerce, and an MMS degree from Jamnalal Bajaj Institute of Management Studies.
Kotak has been the force behind some robust transformations in Kotak Mahindra Bank, helping it become the third-largest private sector bank in India by market capitalisation. He has been recognised as one of the richest bankers in Asia, with a net worth of $14.6 Billion as of Feb. 13, 2026.
In 2023, Kotak stepped down as CEO and managing director of the bank, four months ahead of his retirement and is now a non-executive director on the board.
Jay Kotak, a Harvard school graduate, and Uday Kotak’s son is the current vice president and co-head of the Kotak811 digital bank. Kotak Mahindra Bank is now run by a former Citibanker.
Significance of GIFT City
Located in Gandhinagar, GIFT City is India’s first operational greenfield smart city and international financial services hub. It is recogised as a global hub for banking, capital markets, insurance, and asset management, operating under International Financial Services Centres Authority, a separate regulatory framework which is designed to compete with hubs like Singapore and Dubai.
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