Asia's richest banker Uday Kotak to take ₹1 annual salary

Asia's richest banker Uday Kotak, the MD of Kotak Mahindra Bank, has opted to forgo his salary for 2020-21 and will receive a nominal ₹1 in view of the coronavirus pandemic. The lender said its leadership team voluntarily agreed to take a 15% pay cut for the year. Notably, Kotak had personally contributed ₹25 crore to the PM CARES Fund.