Salary of MD & CEO of Government Banks : Axis Bank managing director and chief executive officer (MD & CEO) Amitabh Chaudhry was the highest-paid private bank chief in India in the previous financial year, drawing a total of Rs 7.62 crore in annual salary, as per the bank’s FY22 annual report. Click here to Join telegram study group →
He was also separately granted a total of 412,938 stock options of Axis Bank during FY22, on the basis of approval received from the Reserve Bank of India (RBI), the Axis Bank annual report said. The stock options were granted at Rs 726.25 per share.
He was followed by IndusInd Bank chief Sumant Kathpalia, who made over Rs 7.31 crore in annual salary in FY22. Kathpalia was followed by ICICI Bank MD Sandeep Bakhshi, who earned Rs 7.05 crore in annual salary last fiscal, as per the bank’s annual report.
HDFC Bank MD & CEO Sashidhar Jagdishan drew a salary of Rs 6.51 crore during the previous fiscal, while Bandhan Bank MD C.S. Ghosh drew Rs 4.35 in annual salary in FY22.
HDFC Bank executive director Kaizad Bharucha, meanwhile, earned more than the lender’s MD during the previous fiscal, drawing a total of Rs 10.64 crore, including performance bonuses.
Salary of MD & CEO of Government Banks
The annual salary of private bank leaders in India is significantly higher than their public sector bank peers.
For instance, Bank of Baroda MD Sanjiv Chadha earned Rs 38.19 lakh as annual salary and Rs 2,27,191 in perquisites in FY22, while State Bank of India chairman Dinesh Khara earned Rs 27 lakh in basic pay and Rs 7,42,500 as dearness allowance.
On a consolidated basis, the salary of the top five public sector bank leaders in FY22, excluding Punjab National Bank, ranged between Rs 34 lakh and Rs 40 lakh.
Salary of RBI Governor
The salary of private bank heads is also significantly higher than that of RBI top officers.
RBI governor Shaktikanta Das’ monthly remuneration stood at Rs 2.5 lakh during the previous financial year, the same as what former governor Urjit Patel earned per month during his tenure.
As per the reply, the four deputy governors at the RBI, MD Patra, M Rajeshwar Rao, MK Jain and T Rabi Sankar, drew Rs 2.25 lakh per month each, as of March end.
RBI executive directors including Anil Kumar Sharma, Shirish Chandra Murmu, Om Prakash Mall and Mridul Kumar Saggar, among others, earned Rs 2.16 lakh in monthly basic salary each, as of FY22 end.