Rajnish Kumar, the former chairman of SBI, reveals his bank salary

Despite the bank’s balance sheet being around $50 lakh crore, Rajnish Kumar, the former chairman of the State Bank Of India (SBI), recently disclosed that his monthly remuneration at SBI was Rs 28 lakh. The SBI chairman gets a variety of perks in addition to his pay during his term. Expensive bungalows and diverse international travel are all included. During his conversation with YouTuber Raj Shamani, Rajnish Kumar disclosed his yearly income and other incentives from the bank. Rajnish made an appearance on one of Raj Shamani’s podcasts, which was just broadcast on this YouTuber’s channel. They discussed the BharatPe dispute, the banking system, and other pertinent issues. Rajnish Kumar informed Raj Shamani during their conversation that the yearly remuneration paid to the chairman of SBI is unjust considering that the bank has a balance sheet of Rs. 50 lakh billion.

When discussing further job perks, he said that the bank gives its chairman a vehicle worth Rs 30–40 lakh. Along with other great perks like medical insurance, time off, and international travel, the chairman also receives a lavish mansion in Mumbai’s Malabar Hills. Rajnish Kumar estimates that paying rent for the property will cost between Rs 2 and Rs 2.5 crore per month.

Dinesh Kumar Khara, the current chairman of SBI, now receives an annual compensation of Rs 37 lakh, a rise of 7.5% over the previous fiscal year, according to SBI’s most recent annual report. A base salary of Rs. 27 lakh plus a dearness allowance of Rs. 9.99 lakh make up Dinesh Kumar Khara’s yearly compensation.

We see a significant disparity between these numbers and the yearly salaries of CEOs at private sector banks. According to the bank’s annual report for FY22, Amitabh Chaudhary, managing director (MD & CEO), received a total of Rs 7.62 crore in pay. According to the annual report of HDFC for FY22, Sashidhar Jagdishan, CEO and MD of HDFC Bank, now ranks among the highest-paid executives of banks, receiving an annual salary of Rs. 6.51 crore from the institution. Sandeep Bakshi, the CEO of ICICI Bank, had a remuneration of Rs 7.08 crore per year in 2022.