Billionaire Banker Gets Richer Amid Tussle With Indian Regulator
- Kotak Mahindra Bank founder’s wealth swelled to $11.4 billion
- Regulator has urged Uday Kotak to reduce his stake in the bank
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Going toe to toe with a powerful regulator isn’t normally good for your financial health. But it has proven to be profitable, on paper at least, for India’s billionaire banker Uday Kotak.
The founder of Mumbai-based Kotak Mahindra Bank Ltd. has seen his wealth nearly triple since March 2014, when the Reserve Bank of India said he failed to meet the first of its successive milestones to reduce his stake in the bank. His wealth now stands at $11.4 billion, according to the Bloomberg Billionaires Index, mainly due to share price gains that have increased the value of his holding in KMB, currently 30 percent.