The Reserve Bank of India (RBI) put out a discussion paper on compensation practices in banks. Although this would have been in the works for a while, I have no doubt that media reports on the amount of its CEO’s bonus that ICICI Bank proposes to claw back — despite there being no confirmation on the exact figure — hastened the publication of this report.
For far too long, under its current guidelines, the RBI has signed off on a bank CEO salary, ignoring ESOPs, which have become the largest component of any bankers pay packet (Exhibit 1). RBI, belatedly many will argue, ...
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