Axis Bank's shareholders approved Amitabh Chaudhry's remuneration at a price higher than his predecessor, according to a filing to the exchanges. Chaudhry will take over as the bank's MD & CEO from Shikha Sharma on January 1, 2019.
The bank's shareholders approved a basic salary of Rs 36 million for Chaudhry, along with other perquisites. This 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 at 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 FY 17-18. At Axis Bank, Chaudhry will also receive Rs 10 million for house rent allowance and Rs 1 million for leave fare allowance per annum, along with Rs 30 lakh every three years on furnishing expenses.