IDBI MD & CEO Rakesh Sharma set to get hefty salary increase

IDBI Bank Managing Director and Chief Executive Officer (CEO) Rakesh Sharma is reportedly  set to receive a hefty pay hike with the private lender proposing a nearly 10-fold raise in his salary. Sharma had been instrumental in bringing the bank out of the RBI’s restrictive prompt corrective action (PCA) framework. The bank started a postal ballot on April 6, 2022, to get the approval of its shareholders in this regard. The result of the postal ballot, which will conclude on May 5, 2022, will be declared on or before May 7, 2022.