Uday Kotak built his Kotak Mahindra Bank Ltd. over decades to become Asia's richest banker. After India's regulator slapped his bank with a surprise ban, he's facing one of his biggest tests yet - and a dip in wealth.
Kotak Mahindra bank said in response that it has taken measures for adoption of new technologies to strengthen its IT systems and will continue to work with RBI to swiftly resolve balance issues at the earliest
Kotak Bank shares tumbled as much as 13% on Thursday after it was barred from adding new customers through its digital channels and from issuing fresh credit cards. As the largest shareholder with a stake of almost 26%, the billionaire founder bore the heaviest brunt from the selldown, the most in four years.