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New Delhi: Axis Bank’s shareholders have given the green signal to Amitabh Chaudhry’s salary package at a price higher than his predecessor Shikha Sharma, according to the private sector lender's filing to the stock exchange. In September, Axis Bank had announced the appointment of 54-year-old Chaudhry as the managing director and chief executive officer (CEO) of the country's third largest private sector lender from January 1, 2019. Last week, Axis Bank inducted Chaudhry as additional director on its board.

As per the stock exchange filing, the private lender’s shareholders cleared a basic salary of Rs 3.6 crore per annum for Chaudhry and other perquisites — house rent allowance, travelling allowance, use of car and telephone, medical reimbursement, among others. The pay package also includes 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. 

In July, Axis Bank managing director and CEO Shikha Sharma saw her basic salary grew by 7.8 per cent to Rs 2.91 crore last fiscal, according to bank's annual report for 2017-18. However, Shikha Sharma's remuneration figures for FY2018-2019 are not yet known. 

Chaudhry's salary for 2017-18 stood at Rs 6.9 crore as MD & CEO at HDFC Life, Business Standard reported citing the insurance company's annual report.

Besides the salary amount, Chaudhry will also be entitled for Rs 1 crore as house rent allowance and Rs 10 lakh for leave fare allowance per annum, along with Rs 30 lakh every three years on furnishing expenses.

It is worth mentioning here that Shikha Sharma had requested the bank board to shorten her term. The bank had appointed her till June 2021, but she will now leave in December. Earlier, the RBI had asked the private sector lender board to reconsider Sharma’s extension decision.

Chaudhry started his career in corporate banking with the Bank of America in 1987, and served HDFC Life since 2010. He is a BTech (Electronic & Electricals) from the Birla Institute of Technology & Science, Pilani and an alumnus of the lndian Institute of Management, Ahmedabad.
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