May 29, 2023

The CEO of one of the largest Indian banks Kotak Mahindra Bank, Uday Kotak, who is considered the richest banker in Asia, criticized the US dollar, calling it “the biggest financial terrorist in the world.” He shared his opinion during a speech at the ET Awards ceremony in Delhi, writes The Economic Times.

According to Kotak, the world is currently “desperately looking for an alternative reserve currency” and in this regard, as one of the options he proposed for India, the rupee.

“I don’t think that Europe can (make its currency a reserve. -“ Profile ”), because this is a collection of European states. I don’t think that the UK or Japan will have the courage to take such a position. China, it seems to me, has a serious a problem of trust with many countries around the world,” he said.

The banker also recalled that now “all the money” is in nostro accounts (maintained by a bank abroad in local currency. – “Profile”). So “someone in the US” one day will simply say that the funds cannot be withdrawn from tomorrow morning. “And you’re stuck,” Kotak said.

In November, the Indian government allowed the rupee to be used in international trade settlements to promote exports. As noted in the Ministry of Commerce, India took such a step to simplify transactions in Indian rupees, given the growing interest in the internationalization of the currency.

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