Uday Kotak

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Domestic competitiveness will 'ultimately' determine progress in that task, he says

Speaking at the Business Standard's annual conclave BS Manthan, Uday Kotak, founder and director of Kotak Mahindra Bank said politics is emerging as a highly disruptive force, reshaping global finance

Business Standard is scheduled to host BS Manthan, one of India's biggest thought leadership summits, in New Delhi on February 27 and 28 with policymakers and industry leaders in attendance

He emphasized the need for India to improve productivity, avoid excessive protectionism and increase manufacturing as a percentage of GDP

Finance minister Nirmala Sitharaman is the chairperson of the six member council and secretaries of department of economic affairs and financial services are the other members

Kotak also pitched for an increase in the defence budget, saying it is strength on this front that shows the true prowess of a country

Vaswani highlighted that the most important stakeholder in the bank are customers

ICICI Bank, IndusInd Bank, IDFC First Bank, Bandhan Bank and Federal Bank from the private sector and Bank of Baroda PNB and SBI from the public sector slipped in the range of 1 per cent to 3 per cent

Standalone net profit at Rs 4,133.3 cr, is up 18.24 per cent year-on-year on the back of healthy loan growth and rise in fee income

HDFC Bank, Bank of Baroda and Paytm Payments Bank have faced action for alleged regulatory violations

Wish for India to see it in the third place in the next five years as an absolute GDP

His comments come at a time when the smallcaps and midcaps have seen a sharp fall in the last three consecutive trades

He said the scars of the past should not make regulators too conservative or cautious but there should be a better regulatory environment

India has transformed from being a nation of savers to investors and the tussle between the saver/borrower and issuer/investor model is underway

Reserve Bank of India cleared Vaswani's appointment as MD & CEO of the bank for a period of three years with the effect from the date of taking charge, which should not be later than 1 January 2024

As an interim arrangement, joint MD Dipak Gupta will carry out duties of MD and CEO until December 31

In the meantime, Dipak Gupta, the current joint managing director, will function as MD and CEO, subject to approvals