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    No increase in bank withdrawals by wife, says Uday Kotak

    Synopsis

    The Kotak Mahindra Bank MD was responding to questions on the inflation levels.

    Agencies
    The Kotak Mahindra Bank MD said that his wife 'has lived within her means', when asked about inflation.
    After banker Uday Kotak finished delivering the 25th Lalit Doshi Memorial Lecture earlier this month, his thoughts on inflation levels were sought after during the Q&A session with the audience that followed.

    The Kotak Mahindra Bank MD responded quite disarmingly, drawing on his experience at home, “One thing I know for a fact is that I have not increased the amount of money my wife (Pallavi) withdraws from the bank account every month for the last one year. And she has lived within her means as I see it. So that is a good sign. And she is not complaining about wanting a serious increase in the withdrawal amount every month. So that is certainly a good sign.”

    He went on to add that other data points - like sales of cars, trucks, tractors, two wheelers are showing a slowdown, and that the prices of input items are beginning to show some corrections. “I do believe that there is a significant reduction in the levels of inflation over the last 12-18 months, and that is not just domestic but it is global,” Kotak said.

    He concluded by saying that inflation could go up over the next but we should be responsive to the change, and stay ahead of the curve so that we see growth come back to the economy. “Real world data indicators do indicate that inflation is currently under control,” were his closing words.

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    Speaker Of The Evening

    The Lalit Doshi Memorial Lecture (LDML), instituted in the name of the eponymous former civil servant, has been hosted in Mumbai annually since 1995.

    On Monday, August 5, Uday Kotak became the 25th speaker to deliver it. The LDML speaker club is an illustrious one (even though the absence of any female speakers in the list is jarring).

    Here’s a look at what past speakers have spoken about in the address:


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    4 Comments on this Story

    Verma Suresh385 days ago
    Mr. Kotak you are also in a denial mode as the government is.what your wife may be spending in a day, may not to equal to annual income of crores in the country.
    Gd Dd399 days ago
    why should wife need cash withdrawls at all? does she not have CC or DC?
    Niranjan Doshi399 days ago
    Come on Mr. Kotak. Since when wives make such request? Once you hand over the salary to her, she decides whether you should get any increase towards your personal spending. Wrong example.
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