Image Source: CNBC TV18

IDFC First Bank today became the second listed bank to publicly announce salary cuts for the current financial year. Kotak Bank and non-banking finance company Indian Bulls Housing Finance are the other leading players in the financial services industry to have announced pay cuts in the last couple of months, since the outbreak of COVID-19 pandemic. Some of these pay cuts have been dubbed as voluntary. IDFC First said its senior management has volunteered to take a 10 percent cut in compensation for 2020-21.