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Coronavirus effect: Uday Kotak to take Re 1 salary; Kotak Mahindra Bank leadership takes 15% pay cut

Coronavirus-effect-Uday-Kotak-to-take-Re-1-salary-Kotak-Mahindra-Bank-leadership-takes-15-pay-cut

Kotak Mahindra Bank CEO Uday Kotak has decided to forego his salary and take Re 1 token amount for FY21 in view of the livelihoods lost in the ongoing nationwide lockdown to contain the coronavirus pandemic.Get latest Business online at cnbctv18.com

Finance Business Coronavirus effect: Uday Kotak to take Re 1 salary; Kotak Mahindra Bank leadership takes 15% pay cut Updated : April 09, 2020 08:17 PM IST The banking groups leadership team has opted to take a 15 percent cut in compensation for FY21, the bank said in a press release on Thursday. India is currently under a near-complete lockdown until April 14. All services deemed non-essential have been ordered shut, pushing daily wagers on the brink. CNBC-TV18 share Kotak Mahindra Bank CEO Uday Kotak has decided to forego his salary and take Re 1 token amount for FY21 in view of the livelihoods lost in the ongoing nationwide lockdown to contain the coronavirus pandemic. The banking groups leadership team has also opted to take a 15 percent cut in compensation for FY21, the bank said in a press release on Thursday. Kotak Mahindra Bank today announced that the groups leadership team has unanimously and voluntarily opted to take a 15 percent cut in compensation for the financial year 2020-21, the release said. Uday Kotak has personally opted to forgo his salary, and will receive Re 1. The release also highlighted the contribution made by the bank in the ongoing efforts to combat the virus in the country. Kotak Mahindra Bank has contributed Rs 25 crore to the PM CARES fund, while Kotaks personal contribution also stands at Rs 25 crore. To support the efforts of the government in their preventive, curative, rescue, relief and rehabilitation operations, on 30th March 2020, Kotak Mahindra Bank contributed Rs 25 crore to the PM CARES Fund and Rs 10 crore to the relief efforts in Maharashtra. Uday Kotak has also made a personal contribution of Rs 25 crore to the PM CARES fund. India is currently under a near-complete lockdown until April 14. All services deemed non-essential have been ordered shut, pushing daily wagers on the brink. Coronavirus has infected nearly 6,000 people in India, while 166 have succumbed to the virus. Globally, the death toll is inching towards the 90,000 mark. Tags

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