Kotak leadership to take a 15% salary cut in FY21

Kotak Mahindra group’s leadership team has voluntarily opted to take a 15% cut in compensation for the financial year 2020-21, the financial services group said.

Promoter and CEO Uday Kotak has personally opted to forgo his salary, and will receive Rs 1 for the year the bank 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,” Kotak Mahindra Bank said.

Earlier the bank had contributed Rs 25 crore to the PM Cares fund which will support the efforts of the government in their preventive, curative, rescue, relief and rehabilitation operations. It has already contributed Rs 10 crore to the relief efforts in Maharashtra. Kotak has also made a personal contribution of Rs 25 crore to the PM Cares Fund.