Billionaire banker Uday Kotak has decided to take a notional salary of only Re 1 for the financial year 2020-21, amid COVID-19 pandemic, which is likely to have huge economic implications.
The leadership team of private sector lender Kotak Mahindra Bank has also decided to opt for a 15 per cent cut in salary for the fiscal, an official statement from the bank said.
India's already struggling economic growth is set to fall further to only 1.5 per cent for the just begun FY21, and experts opine that it will have a direct impact on the banking sector. Uday Kotak had reportedly earned a basic salary of Rs 27 lakh in FY19.
Uday Kotak and the bank have already donated Rs 60 crore towards the relief efforts by the Centre and the Maharashtra government, where the bank is headquartered.
"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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