Axis Bank's Amitabh Chaudhry leads peers in compensation, takes home Rs 9 crore

In the financial year 2023-24, Amitabh Chaudhry, Managing Director and CEO of Axis Bank, emerged as the highest-paid executive among his peers in banking sector, with an annual compensation of Rs 9.11 crore. This is in stark contrast to the compensation of MDs and CEOs of state-run banks, who earned less than Rs 1 crore annually, according to the annual reports filed by these banks.

Dinesh Kumar Khara, MD and CEO of the State Bank of India (SBI), the country's largest bank, received an annual salary of Rs 39,42,000. A.S. Rajeev, MD and CEO of Bank of Maharashtra, earned an annual salary of Rs 74 lakh, which was highest among the state-run peers.

The combined annual compensation of MDs and CEOs of eight state-run banks, including Bank of Maharashtra, Indian Bank, Bank of India, Bank of Baroda, SBI, Canara Bank, Indian Overseas Bank, and Punjab National Bank, amounted to Rs 3.66 crore, as calculated by Republic Business. The detailed salaries are as follows:

• A.S. Rajeev, MD and CEO of Bank of Maharashtra: Rs 74 lakh
• S L Jain, MD and CEO of Indian Bank: Rs 44,93,153.33
• M V Rao, MD and CEO of Central Bank of India: Rs 44.46 lakh
• Debadatta Chand, MD and CEO of Bank of Baroda: Rs 44,38,137
• Dinesh Kumar Khara, MD and CEO of SBI: Rs 39,42,000
• K Satyanarayana Raju, MD and CEO of Canara Bank: Rs 38,80,713.29
• Ajay Kumar Srivastava, MD and CEO of Indian Overseas Bank: Rs 40,80,132
• Atul Kumar Goel, MD and CEO of Punjab National Bank: Rs 39,31,488

These figures highlight the significant disparity in compensation between the heads of private and state-run banks, with Amitabh Chaudhry's salary at Axis Bank significantly outpacing that of his counterparts in the public sector.