This report has been updated to reflect recent developments.
Amitabh Chaudhry, who is taking over as the managing director and chief executive of Axis Bank on January 1, 2019, is expected to be paid higher than his predecessor Shikha Sharma. The bank has sought its shareholders' approval through e-ballot or postal ballot before January 17 to a basic salary of Rs 36 million for Chaudhry, along with other perquisites, according to the bank’s filing to exchanges.
Chaudhry is to be appointed as the MD & CEO for three years. Both the appointment and remuneration have been approved by the RBI, said the bank's filing. Axis Bank inducted Chaudhry on its board as additional director on December 8, 2018. However, sources say Chaudhry has already taken over the reigns of the bank and has been involved in the bank's functioning since mid-November.