At Rs 36 million, new Axis Bank CEO's basic pay more than Shikha Sharma's

The shareholders also approved Chaudhry's appointment as MD & CEO for three years

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.

 
The proposed remuneration of Rs 36 million is higher than the basic salary of Rs 29 million paid to Sharma during 2017-18, according to the bank's annual report. Sharma's salary for FY2018-2019 is not yet known. It is a steep fall from Chaudhry's salary during his previous stint as MD & CEO at HDFC Life. According to the insurance company's annual report, Chaudhry was paid a basic salary of Rs 69 million for FY17-18. At Axis Bank, Chaudhry is also proposed to receive Rs 10 million for house rent allowance and Rs 1 million for leave fare allowance per annum, along with Rs 3 million every three years on furnishing expenses.

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.