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Home >Companies >News >Covid-19: Uday Kotak opts to forgo compensation for FY21, will receive Re 1

Kotak Mahindra Bank on Thursday said the group's leadership team opted to take 15% pay cut for financial year 2020-21.

The bank's MD&CEO Uday Kotak opted to forgo his salary and will receive one rupee for financial year 2020-21.

Uday Kotak and the bank together have already donated 60 crore towards the coronavirus relief efforts by the Centre and the Maharashtra government, where the bank is headquartered.

Uday Kotak has contributed 25 crore personally to the PM-CARES Fund while Kotak Mahindra Bank has contributed 25 crore to the PM-CARES Fund and 10 crore to the Covid-19 relief efforts in Maharashtra.

Uday Kotak had reportedly earned a basic salary of 27 lakh in FY19, PTI reported.

"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 statement said on Thursday.

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