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US dollar as reserve currency has disproportionate power — Indian banker

According to Uday Kotak, the world is searching for an alternative reserve currency now

Asia’s richest banker and chief executive of Kotak Mahindra Bank Uday Kotak Rafiq Maqbool/AP

Asia’s richest banker and chief executive of Kotak Mahindra Bank Uday Kotak

© Rafiq Maqbool/AP

NEW DELHI, April 30. /TASS/. Asia’s richest banker and chief executive of Kotak Mahindra Bank Uday Kotak said on Sunday that the US dollar as a reserve currency has disproportionate power.

"In a recent discussion on US dollar I inadvertently used words "financial terrorist" which I would like to correct. What I meant was that a reserve currency has disproportionate power, whether it is nostro account, 500 bps rate increase, or emerging countries holding dollars for liquidity," he wrote on his Twitter page.

Uday Kotak who believes that the Indian rupee may become a world reserve currency, named the dollar the "biggest financial terrorist in the world" while speaking at the Economic Times Awards for Corporate Excellence on Friday. The billionaire suggests that the world is searching for an alternative reserve currency now, noting that such changes occur once in a century, and that it is high time for India to make the rupee a reserve currency for the whole world.

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