Among the top three private sector lenders, HDFC Bank's Aditya Puri emerged as the highest grossing banker. His total emoluments stands at Rs 13.82 crore in his retirement year. Puri's overall payments included Rs 3.5 crore as post-retirement benefits.
Apart from Puri, his successor Sashidhar Jagdishan grossed a salary of Rs 4.77 crore for the fiscal year, which included payments as a group head till his elevation. Jagdishan took over as the chief executive and managing director of the largest private sector lender on October 27, 2020.
Meanwhile, Jagdishan's immediate rival ICICI Bank's MD and CEO Sandeep Bakhshi did receive allowances and perquisites amounting to Rs 38.38 lakh. Bakhshi "voluntarily relinquished" his fixed compensation of basic and supplementary allowances for FY21, which had seen wide-scale impact of the COVID pandemic.
Bakhshi also received Rs 63.60 lakh as performance bonus from ICICI Prudential Life Insurance Company as deferred variable pay for FY17 and FY18.
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.
Axis Bank's CEO Amitabh Chaudhry is third on the list who received Rs 6.52 crore, the bank's annual report said, adding that the top management was not given any salary increment in FY21.
According to the ICICI's annual report, its executive director in-charge of wholesale banking Vishakha Mulye grossed Rs 5.64 crore. This was despite the decisions taken by material risk takers including executive directors, chief financial officer and company secretary to voluntarily opt for for a 10 per cent salary reduction from May 1 in their payments due to COVID-19.
When compared with the bank's median salary, ICICI's Jagdishan allowances were the highest at 139 times the median salary of a bank employee, while Chaudhry earned 104 times the median and ICICI Bank executive directors drew 96 times the median salary.
HDFC Bank had 200 executives in the exclusive club, while Axis Bank had 69 bankers, according to annual reports of the banks.With inputs from agencies.