Uday Kotak, Asia’s richest banker and CEO of Kotak Mahindra Bank, one of India’s largest banks, criticized the dollar, calling the US currency “the biggest financial terrorist in the world.”
All of our money is in bank accounts and anyone in the US can say you won’t be able to withdraw your money from tomorrow morning,” Kotak said during a local event in New Delhi.
Kotak stressed that the world is now “desperately looking for an alternative reserve currency”, noting that it is time for India to make the rupee such a reserve currency.
He continued: “I don’t think Europe can create its own reserve currency because it’s an association of European countries, and I don’t think the UK or Japan would have the guts to take that position, even though the British pound and the yen are both free currencies.”
“I think China has serious trust issues with many countries in the world,” he said.
The head of the bank noted that in order to create a global reserve currency, India must go a long way and build strong institutions. It is also necessary to create a structure that does not depend on anyone’s whims, and the mechanisms must be reliable.
Source: News
