Rajnish Kumar, former chairman, State Bank of India (SBI), recently disclosed his annual income during an interaction on YouTube with a podcaster. Kumar revealed that his annual salary at SBI was Rs 28 lakh. This revelation came as he discussed the significant contrast in executive salaries between public and private sector banks.
Comparing Kumar’s salary to other private bank executives, a stark disparity becomes evident. As per the bank’s official data, Amitabh Chaudhary, managing director (MD & CEO), Axis Bank, received a total salary of Rs 7.62 crore, while Sashidhar Jagdishan, CEO and MD, HDFC Bank, was compensated with Rs 6.51 crore. Similarly, Sandeep Bakshi, CEO, ICICI Bank earned an annual salary of Rs 7.08 crore. These figures position them among the highest-paid executives in the banking sector.
Kumar also shed light on the additional perks provided to the SBI chairman during their tenure. These perks include stays at expensive bungalows, foreign trips, a car worth Rs 30-40 lakh, medical insurance, and holidays. Additionally, the chairman is also provided with a luxurious bungalow in Malabar Hills, Mumbai which could costs around Rs 2 to 2.5 crore rental charges per month.
In contrast, the current SBI Chairman, Dinesh Kumar Khara’s annual salary, as per the recent annual report, stands at Rs 37 lakh, which reflects a 7.5 per cent increase from the previous fiscal year. Khara’s annual pay comprises a basic salary of Rs 27 lakh and a dearness allowance of Rs 9.99 lakh.
This revelation by Kumar has sparked the discussions on the disparities in executive salaries.
