MUMBAI (Reuters) -India's biggest companies should be investing much more than they are currently, Uday Kotak, chief executive of Kotak Mahindra Bank said in an interview at the Reuters NEXT conference on Wednesday. He said that while interest rates were going up and there were many uncertainties for the global economy, India had benefited from supportive government policies and businesses needed to show more "animal spirit". "Taking those investment calls and being bold at this point of time is the right thing for Indian businesses to do," said Kotak, who is Asia's richest banker according to Forbes.
The RBI may slow its intervention to protect the rupee during October-March, and allow the currency to move in alignment with global trends, Kotak Mahindra Bank said on Friday. The rupee dropped to a record low of 81.2250 to the dollar on Friday, prompting the RBI to sell dollars to prop up the currency, traders said. "We expect the INR to remain under pressure as markets continue to assess the extent of spill-overs from the (U.S.) Fed's hardening policy stance," Upasna Bhardwaj, senior economist at Kotak, said in a note.
BharatPe has come under intense investor and media scrutiny since Grover sought damages from bank boss Uday Kotak, alleging Kotak Mahindra Bank declined financing for a personal investment. The bank has in turn alleged in legal documents that Grover used "foul" and threatening language towards its employees and reserved the right to take appropriate legal action against him.