Kotak to take out rupee 1 pay, a 15% cut for senior management

MUMBAI: the richest banker in India Uday Kotak He said he will forgo compensation for fiscal year 21 and will have a notional salary of only Re 1. The rest of Kotak Bank's senior management also decided to voluntarily take a 15% cut in their salaries. The announcement comes amid the coronavirus. crisis , which is expected to trigger a global recession and cause the Indian economy be reduced in the first quarter of fiscal year 20.

“We are in the midst of a battle to protect both lives and . The revival of the economy will depend on a healthy and robust financial sector. The bank is committed to working alongside the government, private enterprise, civil society and people in the difficult times ahead, ”the bank said in a statement.

Uday, whose net worth is derived from his stake in his bank, has seen his wealth erode substantially after falling stock prices. In fiscal year 2018-19, he was the third highest paid with a basic monthly salary of Rs 27 lakh.