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 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.
