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Many banks have announced their annual report for fiscal year FY22, and their Managing Directors and CEOs have taken home notable salaries. Yes Bank is the latest to announce its annual report. However, it was interesting to see a massive gap between the salary of SBI's chairman Dinesh Khara and Yes Bank's MD and CEO Prakash Kumar. Not just Yes Bank, other public sector banks are offering better salaries to their MDs and CEOs.

SBI's chairman Dinesh Kumar Khara took home a total of 34,42,500 in FY22 which comprised a basic salary of 27 lakh and 7,42,500 dearness allowance.

Yes Bank's chief salary is more than seven times higher than SBI's chairman.

In the annual report for FY22, Yes Bank revealed that MD and CEO Prashant Kumar took home a salary of over 2.52 crore in FY22 which included 2.13 crore as basic payment, perquisites under the Income Tax Act stood at 34.02 lakh and other commissions were at 5.40 lakh.

Other PSBs like Bank of Baroda, Punjab National Bank, and Canara Bank also paid higher income to their MDs and CEOs than compared to SBI's chairman.

Bank of Baroda's MD and CEO Sanjiv Chadha withdrew a salary of 40,46,242 in FY22 which included basic pay of 38,19,051 and perquisites of 2,27,191.

Meanwhile, in FY22, Canara Bank's MD and CEO L V Prabhakar earned 36,89,417 higher than in FY21 when his income stood at 32,64,338.43.

PNB paid a total of 79,92,005 to its MD and CEO, CH SS Mallikarjuna Rao in FY22. In remuneration details, it was mentioned that the provident fund contribution was 2,22,450 and medicals at 1,42,934 during the fiscal.

Banks like HDFC Bank, Axis Bank, IndusInd Bank, Kotak Bank, and ICICI Bank are yet to announce their FY22 annual report.

However, HDFC Bank's parent HDFC has announced its annual report for FY22. HDFC's MD, Vice Chairman, and CEO Keki M. Mistry's salary in FY22 was a whopping 19.03 crore. Mistry's salary is over 55 times higher than what SBI's Khara earned in the fiscal.

Mistry's basic salary stood at 7.001 crore in FY22, while he also earned 1.539 crore as perquisites, other benefits, allowances & retirement benefits. Meanwhile, he was also paid a commission of 10.485 crore in the fiscal.

The annual compensation of SBI's chief in FY22 is still lower compared to leaders of private banks for the financial year FY21.

In FY21, the current CEO of HDFC Bank, Sashidhar Jagdishan earned 4.77 crore while his predecessor Aditya Puri withdrew 13.82 crore in the same fiscal.

Even HDFC Bank's Puri withdrew more than 40 times the salary of SBI's chairman.

Further, Axis Bank's CEO and MD Amitabh Chaudhry took home 6.52 crore, while ICICI Bank's Sandeep Bakhshi's salary stood at 1.01 crore which is after voluntarily relinquishing his fixed compensation due to the pandemic.

Kotak Mahindra Bank's Uday Kotak took a salary of Re 1 in FY21 due to the pandemic, however, his salary was at 2.65 crore in FY20.

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