Coronavirus Lockdown: Kotak Mahindra Bank leadership take pay cuts

Kotak Mahindra Bank CEO Uday Kotak has given up his salary and take a token amount of Re 1 for FY21 as the ongoing lockdown in view of coronavirus outbreak has affected several livelihoods across the country.

Leadership team of the Kotak Mahindra Bank has also opted for a 15 per cent cut in compensation for financial year 2020-21.

"Kotak Mahindra Bank today announced that the group's leadership team has unanimously and voluntarily opted to take a 15 per cent 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 press release highlighted the bank's contribution towards the fight against coronavirus and said that Kotak Mahindra Bank has donated Rs 25 crores to the PM CARES fund, whereas Kotak has contributed Rs 25 crores in personal capacity.

"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," the statement said. "Uday Kotak has also made a personal contribution of Rs 25 crore to the PM CARES fund."

India is currently under a nationwide lockdown that is set to end on April 14.

There are 5,218 active cases of coronavirus in India along with 169 deaths.

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