Asia's richest banker Kotak called the US dollar the biggest financial terrorist
Asia's richest banker, CEO of Kotak Mahindra Bank, one of the largest Indian banks, criticized the US national currency. Uday Kotak said the dollar is «the world's biggest financial terrorist.»
«I truly believe that the US dollar is the world's biggest financial terrorist,» Kotak said in Delhi at the ET Awards.
The banker clarified his statement: “All our money is in nostro accounts. Someone in the US might say that you won't be able to withdraw them from tomorrow morning and that's it — you're stuck.»
Kotak also said that the world is now «desperately looking for an alternative reserve currency.» He noted that now is the right time for his country to make the Indian rupee such a reserve currency.
At the same time, the banker expressed doubt that Europe would be able to make its reserve currency. He questioned «that Britain or Japan would have the courage to take these positions, although both the British pound and the yen are free currencies.» At the same time, he noted that “China has a serious trust problem with many countries around the world.”
Kotak also said that in order to create a world reserve currency, India needs to build strong institutions.