Uday Kotak Takes Helm as Chairman of GIFT City
In a significant development for India's financial landscape, Uday Kotak, the renowned banker and founder of Kotak Mahindra Bank, has been appointed as the chairman of Gujarat International Finance Tec-City Company Limited (GIFTCL). This appointment is effective immediately, marking a new chapter for the prestigious financial hub.
Transition of Leadership
Kotak succeeds Hasmukh Adhia, a retired 1981-batch IAS officer of the Gujarat cadre and former Union finance secretary, who had been serving as the non-executive chairman of the Board since June 2023. The government resolution confirms that Kotak will assume charge without delay, with his tenure set to continue until further orders. Detailed terms and conditions for his role are to be finalized separately.
Uday Kotak's Illustrious Career
A Padma Bhushan awardee in 2026, Uday Kotak has a storied history in the banking sector. He founded Kotak Mahindra Finance Limited in 1985, which later transformed into Kotak Mahindra Bank in 2003, becoming India's first non-banking financial company to secure a banking licence from the Reserve Bank of India. After resigning as the Managing Director and CEO of the bank in 2023, he currently serves as its non-executive director, continuing to influence the financial industry.
Beyond his banking achievements, Kotak has held pivotal roles such as co-chairman of the Indo-UK Financial Partnership and former president of the Confederation of Indian Industry. He was also appointed by the Government of India as the non-executive chairman of the board of Infrastructure Leasing & Financial Services Ltd, where he played a crucial role in steering the company through a crisis.
GIFT City: A Global Financial Hub
GIFT City stands as India's first operational International Financial Services Centre (IFSC), a testament to the nation's growing prominence in global finance. Currently, over 1,100 entities are operational within this hub, including 35 IFSC banking units as of today. Positioned as a premier global financial and technology centre, GIFT City attracts a diverse array of domestic and international institutions across sectors such as banking, insurance, capital markets, and fintech.
This appointment underscores the strategic importance of GIFT City in India's economic framework, with Kotak's expertise expected to further enhance its global competitiveness and operational efficiency. His leadership is anticipated to drive innovation and growth, solidifying GIFT City's status as a key player in the international financial arena.
