HDFC Bank Pays India’s Highest Salary To CEO; Axis Bank Has 69 Crorepati Employees
Among the top three private sector lenders, Aditya Puri of HDFC Bank has reportedly been named as the highest grossing banker with his total emoluments at Rs 13.82 crore in his retirement year.
Whereas, his successor, Sashidhar Jagdishan has managed to gross a salary of Rs 4.77 crore for the fiscal year.
Read on to find out all the details!
Aditya Puri, CEO Of HDFC Bank Earns Highest Salary – Rs. 3.5 Crore
Puri has been the managing director of HDFC Bank, India’s largest private sector bank since September 1994. His overall payments included Rs. 3.5 crore as post-retirement benefits.
His successor, Jagdishan’s gross salary is Rs 4.77 crore for the fiscal year and this includes payments as a group head till his elevation. He took over as the chief executive and managing director of HDFC Bank on October 27, 2020.
The MD and CEO Of ICICI Bank, Sandeep Bakshi, who is also Jagdishan’s immediate rival has received allowances and perquisites amounting to Rs 38.38 lakh. As per reports, he “voluntarily relinquished” his fixed compensation of basic and supplementary allowances for the financial year 2021, which had also witnessed the huge impact of the COVID-19 pandemic.
The ICICI Prudential Life Insurance Company has also awarded him Rs 63.60 lakh as a performance bonus as deferred variable pay for FY17 and FY18.
Axis Bank Has 69 Crorepati Employees
Third on the list is Amitabh Chaudhry, the CEO of Axis Bank, who received Rs 6.52 crore, as confirmed by the bank’s annual report. The report also states that the top management was not given any increment in their salary in FY21.
The annual report of the ICICI Bank states that the executive director in-charge of wholesale banking Vishakha Mulye grossed Rs 5.64 crore, despite the decisions that were taken by material risk takers. These included executive directors, chief financial officer,s and company secretary. They decided to choose a 10 per cent salary reduction from May 1 in their payments due to the pandemic.
The allowances of Jagdishan’s were the highest at 139 times the median salary of a bank employee. Chaudhry has reportedly earned 104 times the median and ICICI Bank executive directors received 96 times the median salary.