When bankers’ pay was brought under scrutiny, no one saw this coming
Live MintDespondency stalks boardrooms and corner offices of private banks, as the regulator keeps top-level compensation under its thumb to prevent risk-taking of the kind that led to the global financial crisis of 2007-08. The main question is, how to retain talent in banking if RBI continues to be so stringent with compensation," said a former chief executive officer of a private sector bank. HDFC Bank Ltd’s FY23 annual report said the remuneration of its current CEO Sashidhar Jagdishan and executive director Kaizad Bharucha for performance in FY22 was approved by RBI only in March 2023. Many senior executives do not seek a promotion as their compensation will come under RBI’s scrutiny once they become executive directors, the former HR head of another private sector bank said. “RBI has been hard-nosed about compensation packages over the last two years," the head of a private sector bank said.
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