Uday Kotak, the MD and CEO of Kotak Mahindra Bank, on Friday, made a huge statement against the US Dollar. Speaking at a panel discussion at the ET Awards for Corporate Excellence 2023, he called the greenback “the biggest financial terrorist in the world.” He also he highlighted a once-in-a-hundred-years opportunity for India to make the Indian Rupee the reserve currency for the world.
Uday Kotak, the MD and CEO of Kotak Mahindra Bank , on Friday, made a huge statement against the US Dollar . Speaking at a panel discussion at the ET Awards for Corporate Excellence 2023, he called the greenback “the biggest financial terrorist in the world.”
Substantiating the comment, he said, “all our money is in nostro accounts and somebody in the US can say- you cannot withdraw it from tomorrow morning- and you are stuck. That is the power of the reserve currency.”
Juxtaposing this grim situation in the present context, where the world is desperately looking for an alternative reserve currency, he highlighted a big, once-in-a-hundred-years opportunity for India to make the Indian Rupee the reserve currency for the world.