IDBI Bank has sought approval from shareholders to increase the salary of its CEO and MD Rakesh Sharma by 10 times.
IDBI Bank wants to increase the salary of its CEO and Managing Director Rakesh Sharma 10 times. Rakesh Sharma has been instrumental in removing IDBI Bank from the RBI’s Prompt Corrective Action (PCA) list. For this reason, the bank is now seeking approval from shareholders to increase salaries. The bank has sought approval from shareholders through postal ballot and announced the results on May 8. IDBI Bank is a private bank and a subsidiary of LIC.
Voting for IDBI Bank’s postal ballot has started on April 8 and will continue till May 5. Results will be announced within two business days after the polls close. In this case, the results are expected to come before May 8.
On February 24, 2022, after receiving approval from the RBI, IDBI Bank re-appointed Rakesh Sharma as Managing Director and CEO for the next three years. The appointment is effective March 19, 2022 and has not yet been approved by other members of the bank.
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IDBI Bank has proposed in its postal ballot note to re-appoint Rakesh Sharma as the bank’s MD and CEO. “The salary of Rakesh Sharma for the financial year 2022-23 will be Rs 2,40,00,000 as approved by the RBI,” the bank said.
What is the salary of Rakesh Sharma now?
IDBI Bank CEO and MD Rakesh Sharma currently has a salary of Rs 2.62 lakh per month. The bank has now proposed to increase this salary by Rs 20 lakh per month. On this basis, his salary package will be Rs 2.4 crore annually.
Who is Rakesh Sharma?
Rakesh Sharma took over as MD and CEO of IDBI Bank in October 2018. Prior to that, he was the Managing Director and CEO of Canara Bank from 2015 to 2018. Prior to Canara Bank, Sharma was the Managing Director and CEO of Lakshmi Bilas Bank from 2014 to 2015. At the same time, he was previously associated with the State Bank of India for almost 30 years.
