{"id":1283452,"date":"2024-07-17T09:00:31","date_gmt":"2024-07-17T03:30:31","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1283452"},"modified":"2024-07-17T09:00:52","modified_gmt":"2024-07-17T03:30:52","slug":"kotak-mahindra-banks-new-ceo-got-rs-1-61-crore-salary-uday-kotaks-salary-is-re-1","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/kotak-mahindra-banks-new-ceo-got-rs-1-61-crore-salary-uday-kotaks-salary-is-re-1\/","title":{"rendered":"Kotak Mahindra Bank’s New CEO Got Rs 1.61 Crore Salary; Uday Kotak’s Salary Is Re 1"},"content":{"rendered":"\n

For the first three months of the year, Ashok Vaswani, the new CEO of Kotak Mahindra Bank, received a compensation<\/a> check of \u20b91.61 crore.<\/p>\n\n\n\n

According to the bank’s annual report for the fiscal year that concluded on March 31, 2024, Vaswani received a base salary of \u20b91.23 crore.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Kotak\u2019s Ashok Vaswani Receives Compensation Check of \u20b91.61 Crore<\/strong><\/p>\n\n\n\n

Vaswani was paid \u20b920.42 lakhs in allowances and earned \u20b916.83 lakhs towards his provident fund.<\/p>\n\n\n\n

Vaswani earned an additional \u20b91 lakh for the final quarter of the fiscal year under the \u201cother\u201d head.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Uday Kotak, a non-executive director of Kotak Mahindra Bank and a former MD and CEO, forwent a set compensation.<\/p>\n\n\n\n

Until September 1, 2023, Uday Kotak served as the bank’s MD and CEO in exchange for a meager \u20b91 compensation.<\/p>\n\n\n\n

Shanti Ekambaram, the bank’s deputy managing director, made \u20b96.33 crore in FY24, according to the annual report.<\/p>\n\n\n\n

Shanti Ekambaram’s earnings comprised a basic compensation of \u20b92.45 crore. Shanti Ekambaram received annual bonuses of \u20b993.50 lakh in addition to her salary.<\/p>\n\n\n\n

In addition, Shanti Ekambaram was given 25,337 stock options during the year.<\/p>\n\n\n\n

Dipak Gupta Receives \u20b96.57 Crore<\/strong><\/p>\n\n\n\n

Before his superannuation on December 31, 2023, Dipak Gupta, the bank’s previous joint MD and later interim CEO, received \u20b96.57 crore in compensation.<\/p>\n\n\n\n

KVS Manian, a former Joint MD who left the bank on April 30, 2024, received \u20b95.86 crore in compensation for the fiscal year.<\/p>\n\n\n\n

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). <\/p>\n\n\n\n

This acquisition from Kotak Mahindra Bank Ltd involves a 70% stake in Kotak General Insurance for \u20b95,560 crore (approximately USD 670 million), combining fresh growth capital and share purchase. <\/p>\n\n\n\n

This transaction is notable as the largest foreign investment in India\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

For the first three months of the year, Ashok Vaswani, the new CEO of Kotak Mahindra Bank, received a compensation check of \u20b91.61 crore. According to the bank’s annual report for the fiscal year that concluded on March 31, 2024, Vaswani received a base salary of \u20b91.23 crore. Kotak\u2019s Ashok Vaswani Receives Compensation Check of […]<\/p>\n","protected":false},"author":25,"featured_media":1283463,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5218,3717],"class_list":["post-1283452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-ceo","tag-kotak-mahindra-bank"],"acf":[],"yoast_head":"\nKotak Mahindra Bank's New CEO Got Rs 1.61 Crore Salary; Uday Kotak's Salary Is Re 1 - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/kotak-mahindra-banks-new-ceo-got-rs-1-61-crore-salary-uday-kotaks-salary-is-re-1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kotak Mahindra Bank's New CEO Got Rs 1.61 Crore Salary; Uday Kotak's Salary Is Re 1 - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"For the first three months of the year, Ashok Vaswani, the new CEO of Kotak Mahindra Bank, received a compensation check of \u20b91.61 crore. 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