Overview
- The Urban Development and Urban Housing Department issued a February 13 resolution from Sachivalaya naming Kotak chairman until further orders, signed by Deputy Secretary Ankita Shah.
- Hasmukh Adhia, non-executive chair since June 19, 2023, is succeeded by Kotak, and he publicly welcomed the change as the right leadership for GIFT City.
- The order leaves open whether the chairmanship will be executive or non-executive, with full terms and conditions to be set separately.
- GIFT City, a 886-acre hub hosting India’s IFSC, reported about $100.14 billion in banking assets and roughly $142.98 billion in cumulative transactions as of September 2025, with 35 IFSC banking units including Kotak Mahindra Bank.
- Kotak founded Kotak Mahindra Bank, served as MD & CEO until September 1, 2023, is now a non-executive director, and was awarded the Padma Bhushan in 2026.