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Indian Overseas Bank is one of the leading public sector banks in India. In this article, we will have a look at the Salary offered to MD&CEO and EDs (Executive Directors) of Indian Overseas Bank.
REMUNERATION TO DIRECTORS
The details of salary paid to the Whole-time Directors of the Bank, during the Financial year 2024–25 are as under:
| Name of the Whole Time Director | Remuneration (2024–25)* |
|---|---|
| Shri Ajay Kumar Srivastava (MD & CEO) | 64,40,736.00 |
| Shri Joydeep Dutta Roy (ED) | 41,25,174.07 |
| Shri Dhanaraj T (ED) | 39,21,601.34 |
| Ms. S. Srimathy (ED, Exited on 09.03.2024) | 19,78,160.00 |
| Shri Sanjay Vinayak Mudaliar (ED, Exited on 30.01.2024) | 15,32,160.00 |
*Remuneration includes salary & allowances, salary arrears, performance incentives, leave encashment arrears and gratuity arrears.
SITTING FEES TO DIRECTORS
The Bank does not pay any remuneration to the Non-Executive Directors except sitting fee fixed by Government of India which is Rs.40,000/- per Board Meeting and Rs.20,000/- per Committee Meeting and additional Fee of Rs.10,000/- for chairing Board Meeting and Rs.5,000/- for chairing Board Committee meeting in terms of GOI Circular No.F.No.15/1/2011-BO.I dated 18.01.2019.
The details of Sitting Fees paid to the during the year 2024–25 are as under:
| Name of the Director | FY 2024–25 |
|---|---|
| Shri Srinivasan Sridhar | 12,40,000.00 |
| Shri Suresh Kumar Rungta (up to 20.12.2024) | 10,45,000.00 |
| Shri B Chandra Reddy (up to 20.12.2024) | 8,65,000.00 |
| Shri Deepak Sharma (up to 20.12.2024) | 9,80,000.00 |
| Shri Sanjaya Rastogi | 12,90,000.00 |
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