Uday Kotak on Monday said that he is working together closely on financial tech and regulatory tech with the UK. Speaking with ET Now Kotak also said that he released two papers today in which one was on internationalization of Rupee. According to the Joint Statement by FM Arun Jaitley and UK Chancellor of the Exchequer Philip Hammond at the 9th UK-India economic and financial dialogue, “trade and investment relationship between India and the UK is flourishing and continues to expand and deepen. We reaffirmed our Prime Ministers’ commitment to building the ‘Closest possible commercial and economic relationship’”.
Meanwhile, Kotak feels there will be strong consolidation in the financial services sector and eventually only five players will dominate the space just like in the global space. “Globally, in most countries, there are only three to five large banks which dominate. This is how the future will be in our country as well,” Kotak, vice-chairman of Kotak Mahindra Bank, told PTI in an interview over the weekend here. India will be no exception to this global trend of having a few dominating players, he added. When asked about the names of banks which will dominate the domestic banking space, Kotak declined to specify the names but said State Bank of India will be one among them. “The rest who knows? Can’t say anything about ourselves but each of us will have to do our bit to get ourselves onto the high table. You just can’t take it for granted,” he said.
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Kotak, whose bank is widely speculated to be interested in buyouts, acknowledged that consolidation is something his bank is interested in. “We are open to change that is bold and that can be game-changing in the financial services industry,” he said, but quickly added that there is nothing to announce now.