Uday Kotak, Asia’s richest banker, faced a $1.3 billion decline in wealth due to the Reserve Bank of India’s (RBI) ban on Kotak Mahindra Bank. The ban, triggered by governance and risk concerns over the bank's technology systems, prohibits new customer acquisitions and fresh credit card issuances.
Kotak, the bank's largest shareholder, suffered a significant share crash, the highest in four years. The setback coincides with Axis Bank surpassing Kotak Mahindra Bank's market capitalization.