New Delhi, Jan 26 Veteran banker and industrialist Uday Kotak on Monday said he was “humbled and honoured” to be conferred the Padma Bhushan.
The government on Sunday announced the Padma Awards on the eve of Republic Day, with Kotak being conferred the Padma Bhushan for his exceptional contribution to the financial sector.
“The India of today is unrecognisable from the one I was born in. The journey has been exhilarating. On this Republic Day, we stand at the fork of many roads,” Kotak posted on X.
He further stated that “I choose the path of karma with a sense of paranoia, with aspiration but conscious of ground realities. I have deep conviction that we, the people will make India even greater. We have miles to go before we sleep”.
The Padma Bhushan recognised Kotak’s lasting impact on India’s banking and financial landscape and his role in shaping a strong and credible private financial institution in the post-liberalisation era.
Kotak’s journey is seen as one of the most remarkable success stories in India’s financial sector. In the early 1990s, Kotak Finance expanded into areas such as auto loans, investment banking and stockbroking at a time when India was opening up its economy.
The timing proved crucial, as economic liberalisation in 1991 created new opportunities for private financial institutions. When Kotak started out, he did not come from a well-known business family and did not have the backing of large investors.
Many potential clients were hesitant to trust a new company with their money. Despite these challenges, Kotak focused on building his business on principles of honesty, transparency and low-risk lending.
His decisions were measured and driven by logic rather than aggressive expansion. The company’s early growth was powered by a modest loan of Rs 30 lakh borrowed from family and friends, which was used to start a bill discounting business.
Over time, this small beginning laid the foundation for what would become one of India’s largest private banking groups.
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