RBI TO BE THE BIG BOSS

The RBI has announced today that it would decide upon ways to regulate salaries of top officials and CEO’s of private and foreign bank’s . The hefty packages of these top officials were also termed as one the reasons for the financial turmoil.RBI had proposed to limit annual salary increases of CEOs or wholetime directors of private banks to 10-15 per cent, besides a provision for slashing their remuneration in case of poor financial showing, in its draft guideline.further in the draft of RBI,Bonus should only be given for hiring new staff and be limited only to the first year, the draft had said.

As a matter of fact, the country’s largest private sector bank ICICI’s chief Chanda Kochhar got a remuneration of Rs 1.73 crore in 2009-10, as against market leader and state-run lender SBI chief O P Bhatt’s Rs 26.51 lakh.

source:TOI

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