Gujarat Government Appoints Uday Kotak As GIFT City Chairman

The Gujarat administration has appointed Uday Kotak, Founder of Kotak Mahindra Bank, as the Chairman of Gujarat International Finance Tec-City Company Ltd (GIFT City).

The legendary banker will replace Dr. Hasmukh Adhia, IAS (retired), who had been serving as the non-executive chairman since June 19, 2023.

Uday Kotak, the founder and ex-Managing Director & CEO of Kotak Mahindra Bank, had initially established the banking institution as a financial advisory consulting business, which quickly converted to a build discounting firm. This later transitioned into the first non-banking financial company (NBFC) in India, which converted into a bank in 2003.

Kotak's firm had begun discounting bills for NELCO suppliers at a time when India was a closed economy and borrowing money from banks would usually attract 17 per cent interest rate. 

The revenue Kotak generated while discounting bills for suppliers of NELCO helped him establish a household banking entity.

While the appointment was announced via a resolution issued by the Urban Development and Urban Housing Department, the terms of his appointment are expected to be agreed upon at a later stage.

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GIFT City is India’s premier Greenfield Smart City, developed over 886 acres with world-class infrastructure and a future-ready ecosystem. Designed to be a global financial hub, GIFT City is known for integrating technology, sustainability, and international standards of urban development. 

The only international financial service centre functioning in India is also a single unified regulator across banking, capital markets, insurance, and digital services.

Earlier this year, the banking industry veteran was conferred with the Padma Bhushan for his contribution in shaping the South Asian nation's modern Indian banking, and consolidating the strength of Bharat's financial sector.