‘World’s biggest financial terrorist…’ – Asia’s richest banker Uday Kotak tells how India can build rupee as a reserve currency | ET NOW MEGA EXCLUSIVE

Kotak Mahindra Bank CEO and veteran banker Uday Kotak underscored it is a crucial time in history when the world is “desperately looking for an alternative reserve currency.” Kotak, stating that, changes like these changes happen once-in-a-hundred-years, suggested that it is an opportune time for India to make rupee the reserve currency for the world.

Kotak believes that others can’t do it. “I don’t think Europe can [make their currency the reserve], because it is the disunited states of Europe. I don’t think UK or Japan have the heft to be taking that position, though both the British Pound and the Yen are free currencies. China, I think, has a major issue of trust with many countries around the world,” he said.

Sharing how we can make rupee the reserve currency, the veteran banker said that it is a long-sustained walk and run. “We have to get the line in India we trust. It is our time for making a shot at it which will take us probably 10 years. But I don’t think China, or the Europe could do it,” he noted.

The banker then went on to list out what must fulfil India to build the rupee as a reserve currency. The country “has to build strong institutions. It has to build a strong framework that is not dependent on the whims and fancies of anyone. India has to be trusted,” according to Kotak Mahindra.

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