Have you ever wonder how much the C-level executives are paid at some of the biggest companies in the world? Well, the former State Bank of India (SBI) chairman Rajnish Kumar recently stated that his annual salary at SBI was Rs 28 lakh, as per New18, despite the bank’s balance sheet of Rs 50 lakh crore. Apart from the pay, the SBI chairman received various other incentives during his tenure.
During an interview with YouTuber Raj Shamani, Rajnish Kumar shared facts about his annual pay and other privileges provided by the bank. They discussed the banking sector, the BharatPe dispute, and other pertinent issues. When asked about additional employment advantages, he stated that the bank provides the chairman with a car worth Rs 30-40 lakh.
Apart from outstanding amenities like as medical insurance, vacations, and overseas travels, the chairman was also given a magnificent villa in Mumbai’s Malabar Hills. If someone pays rent for that property, Rajnish Kumar estimates that they will have to spend Rs 2 to 2.5 crore each month. It includes everything from luxurious cottages to various overseas adventures.
When these figures are compared to the annual salaries of CEOs at private sector banks, we see a significant discrepancy. According to the bank’s FY22 annual report, Amitabh Chaudhary, managing director (MD & CEO), got a total pay of Rs 7.62 crore. Adding his name to the list of the highest-paid bank executives, HDFC Bank CEO and MD Sashidhar Jagdishan received an annual pay of Rs 6.51 crore from the bank, according to HDFC’s annual report for FY22. Similarly, in 2022, ICICI Bank CEO Sandeep Bakshi received an annual compensation of Rs 7.08 crore.
According to the most recent annual report of SBI, the current chairman of SBI, Dinesh Kumar Khara, has had his annual remuneration boosted to Rs 37 lakh, which is 7.5 per cent more than the previous fiscal year. Dinesh Kumar Khara’s annual compensation includes a basic salary of Rs 27 lakh and a dearness allowance of Rs 9.99 lakh.