Coronavirus Outbreak: Uday Kotak to takes notional salary of only Re 1 for financial year 2020-21

Mumbai: 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 percent cut in salary for the fiscal, an official statement from the bank said.[caption id="attachment_4303361" align="alignleft" width="380"]

File photo of Uday Kotak. Pic courtesy: News 18[/caption]India's already struggling economic growth is set to fall further to only 1.5 percent 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.Click here to follow LIVE updates on coronavirus outbreakUday 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.