The largest banks in India have assisted country’s development in multiple ways. While the banking sector plays a major role in economy’s growth, they are also responsible for creating the highest number of job opportunities in the country. As per the Hurun Global Rich List 2022, there were 3,381 billionaires from 69 countries and the 120th spot was claimed by India’s Uday Kotak, the Vice Chairman and Managing Director of Kotak Mahindra Bank. According to the list, he is also the world’s third-richest banker. Let’s take a look at how much Uday Kotak and other Indian billionaire bankers earn.
Uday Kotak, the third-richest banker in the world, and the richest banker in India has a a net worth of $16 billion (Rs 12,14,03,20,00,000) (as of 2022). In the last 10 years, Uday Kotak’s wealth saw an increase of 270 per cent. He comes from a business family in Gujarat and in 1985 started a finance firm. In 2003, it was converted in to a bank – Kotak Mahindra Finance Ltd. According to Bloomberg Quint, Uday Kotak took a pay cut in the Covid-hit financial year March 2020, which saw his annual remuneration decline to Rs 2.65 crore. Generally, he gets an annual salary of Rs 3.24 crore each year.
In 2019, Uday Kotak became one of the highest-paid CEOs of any Indian bank with a monthly salary of Rs 27 lakh.
In 2018, Sandeep Bakhshi was promoted from COO to CEO and MD at ICICI Bank. He takes home an annual salary of around Rs 7.08 crore, Economic Times reported. In 2022, Sandeep Bakhshi was the second-highest-paid Indian banker after Uday Kotak.
For the unversed, the ICICI bank reported a net profit of Rs 16,193 crore in 2020-21 against Rs 7,931 crore during 2019-2020.
Amitabh Chaudhry, the current Managing Director of Axis Bank, the third-largest private sector bank in India. As per the Economic Times, the banker is earning an annual salary of Rs 6.01 crore. He joined Axis in January 2019, after heading HDFC Life Insurance for nine years. Prior to that, he was the MD and CEO of Infosys BPO.