New Delhi, Jan 25 (IANS) The Centre on Sunday announced the Padma Awards on the eve of Republic Day, with veteran banker and industrialist Uday Kotak being conferred the Padma Bhushan for his exceptional contribution to the financial sector.
The Padma Awards, among the country’s most prestigious civilian honours, are given in three categories — Padma Vibhushan, Padma Bhushan and Padma Shri.
They recognise distinguished service in fields such as art, social work, public affairs, science and engineering, trade and industry, medicine, literature, education, sports and civil services.
The awards are announced every year on the occasion of Republic Day and are presented by the President of India at ceremonial functions held at Rashtrapati Bhavan, usually in March or April.
Uday Kotak’s journey is seen as one of the most remarkable success stories in India’s financial sector.
In the early 1990s, Kotak Finance expanded into areas such as auto loans, investment banking and stockbroking at a time when India was opening up its economy.
The timing proved crucial, as economic liberalisation in 1991 created new opportunities for private financial institutions.
When Uday Kotak started out, he did not come from a well-known business family and did not have the backing of large investors.
Many potential clients were hesitant to trust a new company with their money. Despite these challenges, Kotak focused on building his business on principles of honesty, transparency and low-risk lending.
His decisions were measured and driven by logic rather than aggressive expansion.
The company’s early growth was powered by a modest loan of Rs 30 lakh borrowed from family and friends, which was used to start a bill discounting business.
Over time, this small beginning laid the foundation for what would become one of India’s largest private banking groups.
Today, Kotak Mahindra Bank stands as the fourth-largest private sector bank in India, reflecting decades of steady growth and disciplined leadership.
The Padma Bhushan recognises Uday Kotak’s lasting impact on India’s banking and financial landscape and his role in shaping a strong and credible private financial institution in the post-liberalisation era.
–IANS
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