New Delhi: Kotak Mahindra Bank has announced that the group’s leadership team has unanimously and voluntarily opted to take a 15% cut in compensation for the financial year 2020-21.
Uday Kotak has personally opted to forgo his salary, and will receive Re 1/-.
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.
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. Uday Kotak has also made a personal contribution of Rs 25 crore to the PM CARES fund.
Shares of KOTAK MAHINDRA BANK LTD. was last trading in BSE at Rs.1276.8 as compared to the previous close of Rs. 1187.6. The total number of shares traded during the day was 250440 in over 12037 trades.
