The country’s largest public sector bank and the state’s largest bank, which is one of the 50 largest banks in the world, does not give anything to its top management, compared to the salaries of private sector banks such as ICICI and HDFC bank chiefs. Former RBI governor Raghuram Rajan said last August, raising the issue of low remuneration, “It is very low in terms of attracting top talent in the state-owned bank, especially in terms of later entry.”
According to the annual report of all the banks, SBI Chairperson Arundhati Bhattacharya’s Tech Home Salary stood at Rs 28.96 lakh last financial year, which is much less compared to the remuneration of its counterparts in private banks. If ICICI Bank’s MD and CEO Chanda Kochhar are concerned, their basic salary in the last financial year is Rs 2.66 crore. He was also given a performance bonus of 2.2 crores. Apart from this, they received allowances of Rs 2.43 crore and other benefits.
On the other hand, if talking about Axis Bank CMD and CEO Shikha Sharma, his Basil salary is 2.7 crores and he is also given variable pay of 1.35 crores. Apart from this, they are given HRA of other picks and allowances like 90 lakhs.
The bank’s MD and CEO Rana Kapoor, who is also promoter of the bank, has a tech home salary of around Rs. 6.8 crores. This was his salary during the financial year 2016-17.
If talking about Aditya Puri, managing director of HDFC Bank, there was a slight increase in their remuneration which increased to 10 crores rupees. During the last financial year, he also made available stock options of Rs. 57 crores.