Covid-19: Uday Kotak chooses to forego salary, receive only ₹1

Our Bureau Mumbai | Updated on April 09, 2020

Uday Kotak, MD and CEO, Kotak Mahindra Bank (file photo)   -  BUSINESS LINE

Senior leadership of Kotak Mahindra Bank group opts for 15% pay cut in FY21

Amidst the national lockdown to prevent further spread of coronavirus, veteran banker Uday Kotak, who is founder and CEO Kotak Mahindra Bank has decided to forego his salary and receive only a nominal ₹1.

Kotak Mahindra Bank on Thursday also announced that the group’s leadership team has unanimously and voluntarily opted to take a 15 per cent cut in compensation for the financial year 2020-21.

“We are in the midst of a battle to protect both lives and livelihoods. The revival of the economy will depend on a healthy and robust financial sector,” Kotak Mahindra Bank said in a statement, adding that it is committed to work alongside the government, private enterprise, civil society and individuals.

The bank had earlier also contributed ₹25 crore to the PM-CARES Fund and ₹10 crore to the relief efforts in Maharashtra. Uday Kotak has also made a personal contribution of ₹25 crore to the PM-CARES fund.

Published on April 09, 2020

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