Reserve Bank of India (RBI) has held the bonuses to the heads of top private banks i.e. Axis Bank, HDFC Bank & ICICI Bank on the size of the payouts citing the lenders’ performance issues for the financial year ended March 31, 2017. ET reported the news.
ICICI’s board had approved a bonus of Rs 2.2 crore for CEO Chanda Kochhar
Axis Bank’s Shikha Sharma has to receive Rs 1.35 crore as bonus and
HDFC Bank’s Aditya Puri about Rs 2.9 crore.
India’s private banks have had a tough time over the past few year, plagued by revelations of hidden bad loans and alleged lapses in corporate governance. Corruption allegations are made on head of two banks i.e. Axis Bank and ICICI Bank.
Recent RBI audit showed Axis hadn’t disclosed bad loans worth about Rs 5,600 crore where as HDFC Bank also reported a divergence. ICICI bank has already reported the losses and recent fraud in Videocon loan.