Jay Kotak, son of Asia's richest banker Uday Kotak, could be getting all trained up to take over the reins of the latter.
Jay, who is a co-head at Kotak 811 currently, joined the conglomerate post his MBA from Harvard in 2017. He also has a BA in History from Columbia University and has previously worked with McKinsey and Goldman Sachs.
Also read/watch | Fake Rs 500 notes! RBI warns of big surge, here is how to check if your note is fake
In 2019, Jay moved to Kotak Mahindra Bank's consumer banking business as executive assistant to Shanti Ekambaram, group president of the consumer bank. Thereafter, in January 2021, Jay joined the Kotak 811 team. Manish Agarwal is the business head of Kotak 811 and is responsible for the business.
Jay was appointed co-head of Kotak 811 from January 2022 and is responsible for the strategy and the product. Both Manish and Jay drive the Kotak 811 business under Shanti's oversight.
Also read/watch | World's top paid CEOs: Yes it is a complete tech takeover!
Jay Kotak's quick elevation in the career comes as Uday Kotak's tenure as CEO is on its last lap after the Reserve Bank of India capped the tenure of incumbent bank CEOs at 15 years in April 2021. The RBI order came just days after the central bank had approved a three-year tenure for Kotak starting January 2021. Hence, analysts believe that Kotak, who has already been at the helm for 18 years, is unlikely to get another term as the bank's executive head.
His latest three-year term as the bank's head is due to end in December 2023. Analysts, however, believe Uday Kotak's immediate successor could be KVS Manian, an executive director and a veteran at the bank.