Know how much SBI Chairman Dinesh Khara earned in FY23

SBI Chairman Dinesh Khara earned Rs 37 lakh for fiscal year 2022-23, representing a 7.5 per cent hike from the previous year, as per SBI’s annual report. The salary included Rs 27 lakh as basic pay and Rs 9.99 lakh as dearness allowance. Khara earned Rs 34.42 lakh for 2021-22 (FY22), a 13.4 percent increase over his predecessor Rajnish Kumar’s FY21 salary. Khara joined SBI as a probationary officer in 1984 and in October 2020, he was appointed chairman. He previously served as MD of global banking and SBI subsidiaries. SBI is the largest bank in India in terms of assets, handling Rs 55.17 trillion.

Comparing salaries

In fiscal year 2023, SBI managing director CS Setty earned a salary similar to that of Khara. This was Rs 26 lakh basic pay and Rs 9.7 lakh dearness allowance, while Ashwani Bhatia, who served until 31 May, 2022, was paid Rs 5.7 lakh. Later, Bhatia became a full-time member of the Securities and Exchange Board of India (SEBI).

SBI’s annual report

According to the annual report, other top officials like S Janakiraman and AK Tewari each received Rs 36 lakh, while A K Choudhari took home Rs 28.5 lakh. An external consulting firm helped SBI Bank improve its corporate governance continuously, claims the bank’s annual report. It also helped the bank establish parameters for evaluating the performance of its directors, Chairman, Board level committees and the Central Board as a whole. The firm also assisted the organisation in performance evaluation.

“The performance evaluation of the Board has validated the Board of Directors’ confidence in the Bank’s governance values, the synergy and collaboration among the Board of Directors and the top Management,” the report added.

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SBI said that with effect from 25 October 2019, sitting fees of Rs 70,000 are payable for attending central Board meetings and Rs 30,000 for taking part in committee meetings at the board level. If a non-Executive Non-Official Director attends a meeting of the Bank’s Board or Committee, he or she is entitled to a sitting fee.

An overview of long-standing debate about the salary disparity

Private sector banks typically pay top executives’ higher annual compensation than state-run bankers. There has been a long-standing controversy about the salary disparity between top bankers at private and public sector banks.

In accordance with the bank’s annual report for FY22, Amitabh Chaudhry, managing director and chief executive officer of Axis Bank, earned Rs 7.62 crore in salary in the previous financial year, making him the highest-paid private bank chief in India, report Money Control. In addition, Chaudhry received 412,938 Axis Bank stock options during FY22, based on RBI approval, the Axis Bank annual report stated. The options were valued at Rs 726.25 per share.

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As per ICICI Bank’s annual report, Chaudhry was followed by IndusInd Bank chief Sumant Kathpalia, with an annual salary of Rs 7.31 crore in FY 22. Kathpalia was followed by ICICI Bank MD Sandeep Bakhshi, who earned Rs 7.05 crore annually last fiscal.

Sashidhar Jagdishan, MD & CEO of HDFC Bank, was paid Rs 6.51 crore in FY22, while C.S. Ghosh, MD of Bandhan Bank, was paid Rs 4.35 crore. The chief executive of HDFC Bank, Kaizad Bharucha, earned more than the lender’s MD during the previous fiscal year, earning Rs 10.64 crore, including performance bonuses.

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