Big salary hike for ICICI Bank bosses

ICICI Bank has raised the basic payscale of its wholetime directors so as to adhere to a Reserve Bank of India norm announced last year.

ICICI Bank's Managing Director and CEO KV Kamath's basic pay has been revised to Rs 6,00,000-10,50,000 a month. In 2003-04, Kamath earned a basic salary of Rs 620,000 a month, up from Rs 400,000 a month in 2002-03.

Similarly, the basic salary of Joint Managing Director Lalita D Gupte has been revised to Rs 4,00,000-9,00,000 a month. Gupte's salary was revised from Rs 300,000 a month in 2002-03 to Rs 465,000 a month last year.

ICICI Bank Deputy Managing Director Kalpana Morparia is now in the Rs 3,00,000-9,00,000 a month payscale, up from a basic pay of Rs 335,000 a month last year, and from Rs 210,000 in the previous year.

Two executive directors, Chanda D Kochhar and Nachiket Mor, have been put in the revised payscale of Rs 2,00,000-5,00,000 a month. Last year, their basic pay was Rs 275,000 a month, up from Rs 175,000 in 2002-2003.

The bank is now seeking shareholder approval to revise the salary structure of its wholetime directors for 2004-2005, at its 10th annual general meeting on September 20. -- BS

ICICI Bank Managing Director and CEO KV Kamath (R) and Joint Managing Director Lalita D Gupte. Rediff file photo.

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