Kotak Mahindra Bank said the group’s leadership team has unanimously and voluntarily opted to take a 15% cut in compensation for FY21 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 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.
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