The top three private sector banks in the country, ICICI Bank, HDFC Bank and Axis Bank have rewarded their chief executives with higher remuneration in 2011-12 – in line with the improved performance of their organizations.
ICICI Bank, the largest private sector bank in India, increased the remuneration of its Managing Director Chanda Kochhar by 33.2%. Kochhar received Rs 4.25 crore in 2011-12 compared to Rs 3.19 crore she earned in the previous year.
HDFC Bank’s Managing Director Aditya Puri got 25% hike. He earned Rs 4.90 crore in 2011-12 compared to Rs 3.92 crore in the previous year.
Shikha Sharma, MD of Axis Bank, received Rs 2.53 crore in 2011-12, or 14% more pay than the previous year.