Business Coronavirus effect: Uday Kotak to take Re 1 salary; Kotak Mahindra Bank leadership takes 15% pay cut Updated : April 09, 2020 08:49 PM IST The banking group’s leadership team has opted to take a 15 percent cut in compensation for FY21, the bank said in a press release on Thursday. India is currently under a near-complete lockdown until April 14. All services deemed non-essential have been ordered shut, pushing daily wagers on the brink. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.