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Axis Bank CEO Shikha Sharma gets 7.8% hike in basic pay at Rs 2.91 crore in FY18

Press Trust of India

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NEW DELHI: Axis Bank managing director and CEO Shikha Sharma saw her basic salary increase by 7.8 per cent to Rs 2.91 crore last fiscal, according to bank’s annual report for 2017-18.
Her basic salary stood at over Rs 2.70 crore in the preceding fiscal.
Among others, Sharma got Rs 97.05 lakh as house rent allowance, Rs 14.76 lakh as leave fare concession, perquisites (excluding ESOPs) worth over Rs 32.08 lakh and deferred variable pay (for 2013-14 and 2014-15) of Rs 44.10 lakh during 2017-18, the report showed.
Perquisites include bank’s furnished accommodation, club fees, personal accident insurance, loans, use of car and telephone, medical reimbursement, travelling and halting allowance, among others.
Besides, there were superannuation allowances equivalent to 10 per cent of the basic pay, provident fund as 12 per cent of the basic pay and gratuity equivalent to one month’s salary for each completed year of service.
Gross salary of the chief executive came in at Rs 4.88 crore for the 2017-18 fiscal. Additionally, there were 5,40,000 stock options in her portfolio during the year.
In the report, Sharma underlined some major challenges the Indian banking sector as a whole facing on multiple fronts, including operational and assets quality front.
The bank’s MD and CEO said that the fiscal 2018 was a mixed bag for the lender.
Apart from the lingering asset quality problems, there were some serious issues around fraud and operational misses that came to the fore towards the later part of the year, she said.
While these challenges are real, the banking industry remains a force for inclusive growth in the country, she added.
“The bank has taken significant steps in fiscal year 2018 to get past the asset quality issues of this cycle, and the top priority for us in fiscal year 2019 will be to achieve normalisation of credit risk. The second focus area would be to deliver profitable growth,” Sharma said in the annual report.
Good. she is having only 5.4 lac shares which she will download when the share is managed to reach 650 & make few 100 crores. Then the share will crash to 525 to make the shareholders poor!
Axis Bank would enhance its capabilities to strengthen operational risk management and re-invent corporate bank driven by technology.
“The fourth deliverable for fiscal year 2019 is to continue investing in digital capabilities, analytics and our subsidiaries to drive future growth,” she said in her message.


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Business

RBI needs to ensure stability: Shaktikanta Das

Agencies

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New Delhi: The head of the Reserve Bank of India (RBI) said he would take the steps necessary to maintain financial stability in the country and help create favourable conditions for growth.

India’s economy has grown because of measures such as the nationwide goods and services tax and the insolvency and bankruptcy code that prevents wilful defaulters from bidding for stressed assets, Shaktikanta Das said in his address to an investor roundtable.

The country’s growth story is backed by its strong domestic fundamentals, he said, citing lower inflation.

 

Annual retail inflation rate dropped to an 18-month low of 2.19 per cent in December, strengthening the views of some economists that the central bank could ease monetary policy next month.

India’s top business groups on Thursday urged the central bank to cut its benchmark interest rate by at least half a percentage point and lower the cash reserve ratio it imposes on banks.

The country also needs to watch out for any sudden turbulence in the gloal financial market, Das said.

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Centre removes two PNB executive directors for lapses in Rs 13,500-cr fraud

Agencies

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Chennai:The Central government has removed two Punjab National Bank (PNB) Executive Directors — Sanjiv Sharan and K.Veera Brahmaji Rao — for the lapses in the Rs 13,500 crore fraud allegedly perpetrated by absconding diamantaire Nirav Modi.

The PNB has intimated the action to the stock exchanges.

“We welcome the Central government’s action to dismiss the two Executive Directors. The scam of such proportions could not have happened without the knowledge of the top management,” C.H. Venkatachalam, General Secretary, All India Bank Employees’ Association (AIBEA), told IANS.

 

“Perhaps for the first time, the Centra has removed the Executive Directors of a nationalised bank under the Nationalised Banks (Management and Miscellaneous Provision) Scheme, 1970. All these days it was said the top management of government-owned banks — Chairman, Managing Director, Executive Directors — are governed only by the contract of appointment.

“It is also good that the central government has followed the due process of giving the two PNB Executive Directors opportunity to put forth their views before dismissing them,” Venkatachalam added.

According to the Central government’s notification, on July 3, 2018, Sharan and Rao were issued a show cause notice as to why they could not be removed from office for having failed to exercise proper control over the functioning of PNB, thus enabling the fraud through the misuse of SWIFT at the bank’s Brady House branch in Mumbai.

After considering Sharan and Rao’s replies and the comments of the bank’s Board, the Centre removed them from office as it found it was expedient in the interests of PNB.

According to the notification, the dismissal of Rao is subject to the outcome of a plea in the Delhi High Court.

“We are happy to see some action being taken. Whether it is only the two Executive Directors and other officials are also involved in the scam has to be probed in full,” Venkatachalam said.

According to him, in the past, low-level officers would have been the scapegoats for such massive scams.

“With the action taken on the top management, people will be satisfied that public sector bank officials are answerable for their lapses,” Venkatachalam added.

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In this new world, data is the new wealth: Ambani

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Mumbai: Reliance Industries chairman and managing director Mukesh Ambani urged Prime Minister Narendra Modi to take steps against ‘data colonisation’, specially by global corporations, stating that Indian data must be owned by Indians.

Invoking Mahatma Gandhi’s movement against political colonisation, Ambani said India now needs a new movement against data colonisation.

“Gandhiji led India’s movement against political colonisation. Today, we have to collectively launch a new movement against data colonisation,” he said Gandhinagar at the Vibrant Gujarat Global Summit.

 

Stressing that, in this new world, data is the new wealth, Ambani said, “India’s data must be controlled and owned by Indian people and not by corporate, especially global corporations.”

He further said, “For India to succeed in this data driven revolution, we will have to migrate the control and ownership of Indian data back to India. In other words, give Indian wealth back to every Indian.”

Stating that the “entire world has come to recognise” Modi “as a man of action”, Ambani said, “Honorable Prime Minister, am sure you will make this one of the principal goals of your digital India mission.”

Later in the day, countering Ambani’s call, Governor – Commonwealth of Kentucky, Matthew Griswold, asked Modi “to think in the opposite” in order to realise the tremendous opportunity that lies in Indo-US partnership.

“Honorable prime minister you have been asked from this stage to think about limiting the amount of competition, limiting the exchange of ideas, information and goods. I would encourage you to think in the opposite,” he said.

While stating that it is important to put the people of India first, Griswold said, “It is also important to put their opportunity and our opportunity as citizens of the world to trade with one another and exchange ideas because iron sharpens iron.”

The greatest possibility comes from the exchange of these idea, he added.

“If we can cut the regulations, cut the bureaucracy, cut the red tape, the opportunity is enormous between our nations,” he added that India is now the 10th largest trading partner for the US and “climbing quickly”.

“The opportunity before us between India and the United States is incredible, but responsibility falls on each of one us, those of us in elected positions, those of you in the industry, those of you who represent various constituencies, we have much work to do…we must do this, ” Griswold said.

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