SBI Chairman gets a BIG salary hike! Here’s how much money he will get

New Delhi: Dinesh Kumar Khara, the chairman of the State Bank of India (SBI), earns more than Rs 34.42 lakh for the fiscal year, up 13.4% from his predecessor Rajnish Kumar. The bank's four managing directors received salaries ranging from Rs 31.66 lakh to above Rs 32.62 lakh.

SBI has released its FY22 annual report. According to the document, Khara's base salary in FY22 was 27 lakh, with a dearness allowance of Rs 7,42,500. As a result, his total remuneration for April 2021 to March 2022 was Rs 34,42,500.

In October 2020, Khara took over as chairman of SBI. Khara previously worked at SBI as the Managing Director (Global Banking & Subsidiaries). Khara began his career with SBI as a Probationary Officer in 1984 and has over 38 years of experience in the banking industry.

Dinesh Khara's compensation increased by at least 13.45% from his predecessor Rajnish Kumar salary of Rs 30.34 lakh.

Khara earned Rs 38.12 lakh in FY21, with a total of Rs 4 lakh in incentives.

Meanwhile, SBI managing directors Challa Sreenivasulu Setty made more than Rs 32.62 lakh, Ashwani Bhatia made Rs 32.15 lakh, Swaminathan Janakiraman made Rs 31.74 lakh, and Ashwini Kumar Tewari made Rs 31.66 lakh.

In FY22, other government-owned banks' CEOs and MDs received higher salaries than Khara. L V Prabhakar, MD and CEO of Canara Bank, was paid 36.89 lakh in FY22, while Sanjiv Chadha, MD and CEO of Bank of Baroda, was paid 40.46 lakh.

Meanwhile, Khara's annual remuneration for the fiscal year FY21 is lower than that of commercial bank CEOs. These private banks are yet to release their FY22 annual reports.

Before being promoted to the top job, HDFC Bank CEO Sashidhar Jagdishan was paid Rs 4.77 crore for the fiscal year 2020-21. Meanwhile, Aditya Puri, the then-CEO of HDFC Bank, took a Rs 13.82 crore withdrawal, including Rs 3.5 crore in post-retirement payments.

Amitabh Chaudhry of Axis Bank earned Rs 6.52 crore in FY21, while Uday Kotak of Kotak Mahindra Bank received Re 1 as a fixed wage during the pandemic year. In the fiscal year 2019-20, his remuneration was Rs 2.65 crore, while in the fiscal year 2018-19, it was Rs 3.24 crore.