new Delhi. HDFC Bank Managing Director Aditya Puri has emerged as the highest paid banker in the financial year 2019-20. During this time he has received a total salary of 18.92 crores and other allowances. The bank's annual report states that Puri has also received an additional Rs 161.56 crore from stock options during this period. Puri is going to retire in October this year. Puri is turning 70. In the financial year 2018-19, Puri earned Rs 42.20 crore from the stock option. His gross salary in the financial year 2018-19 was Rs 13.65 crore.
The bank official said that RBI has also approved the approval of bonus for the financial year 2017-18 and 2018-19 in 2019-20. Because of this, Puri got a two-year bonus together in a year. Because of this their gross salary has increased by 38 percent. If this bonus is removed then the salary increase is 20 percent.
Shashidhar Jagadishan, who became the group head and the next head of the bank, received a salary of Rs 2.91 crore in the financial year 2019-20. Sandeep Bakshi, managing director and chief executive of ICICI Bank, the second largest private bank, received a total salary of Rs 6.31 crore in FY 2019-20. Bakshi took over the responsibility of the bank in October 2018 and received Rs 4.90 crore as part year payment in the financial year 2018-19. 6.01 crore was paid to Amitabh Chaudhary, Managing Director and Chief Executive of Axis Bank in the financial year 2019-20.
HDFC Bank Managing Director and Chief Executive Officer Aditya Puri has stated that his preferred successor is an internal candidate who has spent 25 years in the bank. However, he did not name the candidate. Puri told shareholders at the bank's virtual AGM held on Saturday that 'he (successor) has been with us for 25 years. My successor was always, at least in my mind.
Regarding the training and professional understanding of the successor, he said that the candidate has learned very well. Significantly, Puri is widely credited for the success of HDFC Bank. Earlier this year, a media report said that the bank has selected the names of internal candidates Shasidhar Jagdishan and Kaizad Bharucha and Sunil Garg of Citi as possible successors of Puri. The bank said in June that it had given three names to the RBI in order of preference. Puri said that now RBI has to choose from the bank names. He also added that there is no problem in choosing a successor for the bank.
HDFC Bank has received approval from shareholders to raise capital of Rs 50,000 crore by issuing bonds through private placement in the market. The proposal to this effect was approved in the bank's annual general meeting held on Sunday.
HDFC Bank informed the stock exchanges that its shareholders have approved raising a total amount of Rs 50,000 crore by issuing unsecured Tier-1, Tier-2 and long-term bonds on a personal basis. The meeting approved the proposal to appoint Kaizad Bharucha as Executive Director again.
This post was published on July 20, 2020 9:08 am
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