Kotak Mahindra Bank's New CEO Got Rs 1.61 Crore Salary; Uday Kotak's Salary Is Re 1


Radhika Kajarekar

Radhika Kajarekar

Jul 17, 2024


For the first three months of the year, Ashok Vaswani, the new CEO of Kotak Mahindra Bank, received a compensation check of ₹1.61 crore.

According to the bank’s annual report for the fiscal year that concluded on March 31, 2024, Vaswani received a base salary of ₹1.23 crore.

Kotak’s Ashok Vaswani Receives Compensation Check of ₹1.61 Crore

Vaswani was paid ₹20.42 lakhs in allowances and earned ₹16.83 lakhs towards his provident fund.

Vaswani earned an additional ₹1 lakh for the final quarter of the fiscal year under the “other” head.

Vaswani assumed the role of managing director and chief executive officer of Kotak Mahindra Bank on January 1, 2024. Vaswani also received 51,813 stock options throughout the year.

Uday Kotak, a non-executive director of Kotak Mahindra Bank and a former MD and CEO, forwent a set compensation.

Until September 1, 2023, Uday Kotak served as the bank’s MD and CEO in exchange for a meager ₹1 compensation.

Shanti Ekambaram, the bank’s deputy managing director, made ₹6.33 crore in FY24, according to the annual report.

Shanti Ekambaram’s earnings comprised a basic compensation of ₹2.45 crore. Shanti Ekambaram received annual bonuses of ₹93.50 lakh in addition to her salary.

In addition, Shanti Ekambaram was given 25,337 stock options during the year.

Dipak Gupta Receives ₹6.57 Crore

Before his superannuation on December 31, 2023, Dipak Gupta, the bank’s previous joint MD and later interim CEO, received ₹6.57 crore in compensation.

KVS Manian, a former Joint MD who left the bank on April 30, 2024, received ₹5.86 crore in compensation for the fiscal year.

Recently we reported that Zurich Insurance Company Ltd (Zurich), a Switzerland-based insurance giant, has announced it has received all necessary approvals to acquire a majority stake in Kotak Mahindra General Insurance Company Ltd (KMGIC). 

This acquisition from Kotak Mahindra Bank Ltd involves a 70% stake in Kotak General Insurance for ₹5,560 crore (approximately USD 670 million), combining fresh growth capital and share purchase. 

This transaction is notable as the largest foreign investment in India’s general insurance market and marks the first entry of a foreign insurer since the foreign direct investment (FDI) limit was increased from 49% to 74% in 2021.


Radhika Kajarekar
Radhika Kajarekar
  • 815 Posts

Subscribe Now!

Get latest news and views related to startups, tech and business

You Might Also Like

Business
Dec. 8, 2022

Beat The Burden Of Medical Inflation With A Health Insurance

As disease rates rise and medical technology develops, treatment costs climb. It’s essential to understand that medical costs are not exclusively associated with hospitals. The cost of prescription drugs, diagnostic procedures, ambulance and operating room fees, consultations with doctors, and other costs are also constantly increasing. All of them could put a big strain on […]

Business
Dec. 8, 2022

3 Biggest Changes Of iOS 16.2 Update That Every iPhone User Should Know!

In its latest update Apple said that it is preparing for the iOS 16.2 update for iPhones across the world. Notably, like the previous release, there are a couple of changes coming for the iPhones.  iOS 16.2 Update Release Date So far, Apple has not announced a release date for iOS 16.2 update. Reportedly, the […]

Business
Dec. 8, 2022

300 Microsoft Employees Create Employee Union, First Time Ever: This Is How Microsoft Reacted

Around 300 workers at Microsoft Corp.’s ZeniMax Studios have commenced the process of forming a union which is said to be the first at the software giant in the US.  Here, Microsoft Corp.’s ZeniMax Studios known for popular video games including Skyrim and Fallout. Forming Union In Microsoft Corp Moreover, the quality assurance employees at […]

Business
Dec. 7, 2022

India Beats China In Air Travel Safety: Ranking Jumps From 102 To 48 In Global Aviation Safety

India’s air safety protocols and executions have improved drastically over the years, as validated by the findings of a specialized agency of the United Nations, the International Civil Aviation Organization or ICAO. The UN watchdog has upgraded India’s ranking in terms of aviation safety to the 48th position, jumping past the rankings of countries like […]

Recent Posts

Related Videos

   

Subscribe Now!

Get latest news and views related to startups, tech and business

who's online