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.
