Judiciary To Be In Sync With Bankruptcy Law To Ensure Banks Can Recover Dues: Uday Kotak

Veteran banker Uday Kotak on Friday said there is a need for the judiciary to be in sync with the bankruptcy law requirements, and the courts must to ensure that banks are able to recover money from borrowers.
     
Speaking at the launch of India's G-20 Sherpa Uday Kotak's book 'Made in India', Kotak said the Insolvency and Bankruptcy Code (IBC) was a great concept which made it sure that the creditor is in control of things, but underlined the need for more work.
     
"I think we really need to fix the judicial system which is consistent with a bankruptcy law because at the end of the day, if banks lend money, we must be able to recover the money. If we have a problem there, it constrains our ability to take better risk," the CEO of private sector lender Kotak Mahindra Bank said.
     
Speaking at the event, with RBI Governor Shaktikanta Das in the audience, Kotak said Indian banks cannot fund a corporate to do big acquisitions and sought a unified, well coordinated system which will make such audacious corporate moves possible.
     
"...I do believe India has the brain power and the risk management to be able to manage a financial sector which meets the aspirations of all of India's growth as we go forward," he said, adding that he aspires to have an Indian entity among the top-3 financiers in the world in the next decade.
     
Speaking at the same event, Tata Sons chairman N Chandrasekaran said the conglomerate is doing huge transitions in automotive, has pivoted to electric vehicles and fuel cells in commercial vehicles, focused on renewable power, is working on carbon capture, is putting together a electronics vertical, a mobile telephony infrastructure whether it is 5G, 6G or 6.5G, and, is getting into lithium batteries.
     
He said remote healthcare and electronic and semiconductor manufacturing has the potential to be as big as over USD 250-billion Indian IT services sector is.
     
The Tata group chairman said jobs will come from small businesses, which will benefit from the heightened activity in the economy, and sectors such as hospitality, travel and consumption sectors.
     
Kotak said kabaddi players are making up to Rs 2 crore a year, which is a huge jump from a position where they were barely able to subsist just a few years ago, and underlined the potential in sports and leisure segments from a job creation perspective.
     
Chandrasekaran said he dreams of a "balanced India" where every family has a quality job, every kid has access to education, everyone has access to good healthcare, and anyone who has the drive has the access to the opportunities to make it happen.