Kotak Bank Leadership Team Takes 15% Pay Cut For The Financial Year 2020-21
Kotak Mahindra Bank’s leadership team has voluntarily opted to take a 15 per cent cut in salary for the financial year 2020-21, the bank said in a statement.
Uday Kotak, managing director and chief executive officer of the bank opted to forgo his salary, and will receive Re 1, the statement said.
“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. The bank is committed to work alongside the government, private enterprise, civil society and individuals in the tough times that lie ahead,” the bank added.
The bank had earlier donated 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.
Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd
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