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Uday Kotak wins global entrepreneur award for 2014

India TV News Desk June 09, 2014 10:40 IST
India TV News Desk
New Delhi: Uday Kotak, founder, executive vice-chairman and managing director of Kotak Mahindra Bank, has been crowned the EY World Entrepreneur Of The Year 2014.

Kotak was selected among 60 finalists from 51 countries, each of whom has already been named the EY Entrepreneur Of The Year in their home countries. After NR Narayana Murthy (2003), Kotak is the second person from India to win this coveted award.

Uday Kotak founded Kotak Mahindra Bank in 1985 with seed money of $250,000. He said he noticed India's main banks were lending money at 17 per cent and only paying depositors 6 per cent.

Today, the bank has 605 branches across 354 locations in India and offices in London, New York, Dubai, Abu Dhabi, Mauritius and Singapore. It boasts annual revenues of $2.8 billion and assets of $19 billion.