Due to a heavy selloff post the RBI directive, the bank’s founder Uday Kotak, the largest shareholder with a stake of almost 26%, saw his wealth decline by $1.3 billion.
The timing of the regulatory action adds complexity to the situation, considering Uday Kotak’s recent transition to a new CEO, Ashok Vaswani, at the beginning of the year. Vaswani has emphasized the importance of scale for the bank’s growth trajectory and highlighted ongoing investments in technology to enhance operational efficiency and customer experience. - Newsx
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