Salary of MD & CEO of SBI: State Bank of India (SBI) chairman Dinesh Kumar Khara earned more than ₹34.42 lakh for the financial year. While the bank’s four managing directors earned from ₹31.66 lakh to over ₹32.62 lakh, SBI has announced its annual report for FY22. In the statement, SBI revealed that Khara’s basic salary in FY22 stood at ₹27 lakh while dearness allowance stood at ₹7,42,500. Thereby, his total salary was at ₹34,42,500 for April 2021 to March 2022 period
Khara took charge of SBI as chairman in October 2020. Before that, Khara served as the Managing Director (Global Banking & Subsidiaries) of SBI. Khara joined SBI as Probationary Officer in 1984 and has around 38 years of rich experience in all facets of Banking.
Dinesh Khara’s salary jumped by at least 13.45% from the salary of his predecessor Rajnish Kumar at ₹30.34 lakh. In FY21, Khara took home ₹38.12 lakh, out of which, ₹4 lakh were as incentives.
Meanwhile, SBI’s managing directors Challa Sreenivasulu Setty earned over ₹32.62 lakh, Ashwani Bhatia took home ₹32.15 lakh, and Swaminathan Janakiraman bagged ₹31.74 lakh, and Ashwini Kumar Tewari earned ₹31.66 lakh.
Salary of MD & CEO of SBI: Meeting Fees
In FY22, SBI paid around ₹1.52 crore to directors for attending meetings of the central board and board-level committees. SBI pays sitting fees of ₹70,000 to directors for attending Central board meetings, while the fee is ₹30,000 for attending the meetings of other Board-level Committees.
Salary of Other Government Bank MDs
Unlike Khara, other government-owned banks’ CEOs and MDs received more salary than him in FY22. Canara Bank MD and CEO, L V Prabhakar earned ₹36.89 lakh salary, while Bank of Baroda’s MD and CEO Sanjiv Chadha received ₹40.46 lakh for FY22. PNB MD received salary of ₹33.35 lakhs.
Salary of Private Banks
Meanwhile, the annual compensation to Khara is lower compared to chiefs of private banks for the financial year FY21. These private banks are yet to announce their annual report for FY22.
In FY21, the current CEO of HDFC Bank, Sashidhar Jagdishan earned ₹4.77 crore while his predecessor Aditya Puri withdrew ₹13.82 crore in the same fiscal. Further, Axis Bank’s CEO and MD Amitabh Chaudhry took home ₹6.52 crore, while ICICI Bank’s Sandeep Bakhshi’s salary stood at ₹1.01 crore which is after voluntarily relinquishing his fixed compensation due to the pandemic.