Uday Kotak Appointed Chairman of GIFT City

The Gujarat government has appointed Uday Kotak as Chairman of Gujarat International Finance Tec-City Company Ltd, the state-promoted entity that develops and manages GIFT City. He replaces Hasmukh Adhia, who had been serving as non-executive chairman since June 19, 2023. The appointment takes immediate effect, according to a resolution issued by the Urban Development and Urban Housing Department of the Government of Gujarat.

Kotak will continue in the role until further orders. The terms and conditions of his appointment will be notified separately. His elevation comes at a time when GIFT City is expanding its international footprint and regulatory framework.

Leadership Transition at a Key Financial Hub

GIFT City, located in Gandhinagar, is India’s first operational smart city and International Financial Services Centre (IFSC). It is designed to serve as a global financial and technology hub with advanced infrastructure and a business-friendly ecosystem. The city houses banking units, capital market intermediaries, insurance entities and fintech firms operating under a unified regulatory framework.

The transition in leadership is seen as part of the state’s effort to strengthen institutional governance and attract deeper global participation.

Uday Kotak’s Banking Legacy

Kotak is the founder and director of Kotak Mahindra Bank. The institution began operations in 1985 as a non-banking finance company and was converted into a bank in 2003. Under his leadership, it evolved into one of India’s leading private sector banks with diversified operations across commercial banking, asset management, life insurance and capital markets.

He is widely regarded as one of India’s most influential bankers, known for prudent risk management and strategic expansion.

Strategic Importance of GIFT City

GIFT City functions as India’s flagship IFSC, aiming to compete with global financial centres such as Singapore and Dubai. It offers tax incentives, regulatory relaxations and world-class infrastructure to international and domestic firms. The International Financial Services Centres Authority (IFSCA) acts as the unified regulator for entities operating within the zone.

Important Facts for Exams

• GIFT City is India’s first operational International Financial Services Centre (IFSC).
• It is located in Gandhinagar, Gujarat.
• The International Financial Services Centres Authority (IFSCA) regulates financial activities in IFSCs.
• Kotak Mahindra Bank started as an NBFC in 1985 before becoming a bank in 2003.

Outlook for Global Financial Expansion

Kotak’s appointment comes at a crucial juncture as GIFT City seeks to expand offerings in offshore banking, aircraft leasing, fund management, insurance and fintech innovation. The focus remains on attracting foreign capital flows, enabling cross-border transactions in foreign currencies, and positioning India as a competitive global financial services destination.