Uday Kotak, founder of Kotak Mahindra Bank, appointed chairman of GIFT City, India’s first International Financial Services Centre, effective immediately.

The Gujarat government has appointed Uday Kotak, founder of Kotak Mahindra Bank, as chairman of GIFT City, effective immediately, replacing Hasmukh Adhia. Kotak, a prominent banker who led the growth of India’s fourth-largest private bank, will guide the smart city’s expansion as a global financial and technology hub. His appointment, valid until further notice, comes as GIFT City, India’s first International Financial Services Centre, seeks to strengthen its international presence in banking, fintech, insurance, and capital markets. The city, located near Ahmedabad, hosts over $100 billion in banking assets and operates under a special economic zone framework.