Big Pay Rise For Indian Private Bank CEOs

Shikha Sharma, Axis Bank

Shikha Sharma is the Managing Director and CEO of Axis Bank Limited since 2009. She has accquired MBA degree from IIM, Ahmedabad. Before being appointed as the CEO she served as CEO of ICICI Prudential Life Insurance Company limited as well as Managing Director of Motilal Oswal Financial Services Limited. Sharma also serves as the Director of ICICI Prudential Asset Management Company Limited and also as the Chairperson and Associate Director of Axis Asset Management Company Limited.

She received 2.53 crore in 2011-12 which was about 14 percent more than the previous year which excludes retirement benefits. Sharma’s variable pay increased by 30 percent which was followed by the rise in Axis Bank’s net profit.

Though in January 2012, RBI had released guidelines on compensation of the Directors, CEO, risk takers and control function employees of foreign and private sector banks. The private sector banks need to frame a compensation policy and implement it from 2012-13. The central bank said that the bank’s capital adequancy and cost to income ratios must support the remuneration packages of its senior management employees.