&w=3840&q=100)
Private sector bank chiefs take home hefty compensation cheques in FY25
BS Reporter Mumbai
Listen to This Article
The heads of private sector banks earned hefty compensation in FY25, with HDFC Bank's managing director and chief executive officer (MD and CEO) Sashidhar Jagdishan and Kotak Mahindra Bank's MD and CEO Ashok Vaswani emerging as the top earners.
In FY25, Jagdishan of HDFC Bank, India's largest private sector lender, earned ₹12.06 crore, up 12 per cent from last financial year. He has also been allotted 212,052 shares in Employee Stock Options (ESOPs) by the bank in FY25, the bank's annual report for the fiscal year showed. Jagdishan drew a remuneration of ₹10.77 crore in FY24. He was the highest
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
41 minutes ago
- Time of India
Bizman duped of Rs 1.7 cr in fake namkeen venture
1 2 Hyderabad: A businessman from Noorkhan Bazar has alleged that he was duped of nearly 1.7 crore by a fake manufacturer of savouries and snack foods, who lured him into a bogus partnership under the pretext of running a namkeen and paan masala business. Acting on his complaint, Hyderabad central crime station (CCS) police have registered a case of cheating and launched a manhunt for the accused. The complainant, Syed Shah Hamed Hussain Sabri, told police that Abhishek Avula introduced himself as a reputed manufacturer of snack foods, claiming his family owned several popular brands. To support his claims, Abhishek reportedly pointed to YouTube videos and a substantial online following to bolster his credibility. Convinced by these representations, Sabri said he entered into a formal business partnership with Abhishek in Sept 2024. Between Oct 22 and Dec 14, 2024, Sabri transferred 1.21 crore from his HDFC Bank account to Abhishek's firm, and an additional 48.1 lakh to individuals introduced as employees and suppliers. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad "I was told the funds would be used to purchase machinery, raw materials, and to hire staff. But after the transfers were made, Abhishek became untraceable — he switched off his phone and cut off all contact," Sabri said in his complaint. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The World's Oldest Living Actors. Reportingly Undo Suspecting foul-play, Sabri made inquiries and discovered that Abhishek had allegedly cheated several others in a similar fashion under the guise of running namkeen and masala businesses. Multiple FIRs are reportedly pending against him in Hyderabad, Bengaluru, and Chennai. Following Sabri's complaint, CCS police registered a case against Abhishek on July 18 under sections 316(2) (criminal breach of trust) and 318(4) (cheating and dishonestly inducing delivery of property) of the Bharatiya Nyaya Sanhita. "We have prima facie evidence of Sabri transferring substantial amounts to a company operated by the accused. He is currently absconding, and efforts are on to trace and apprehend him," a CCS official said.
The Print
5 hours ago
- The Print
Rs 580 cr lost to digital payment frauds in last 5 yrs, only 43% recovered—govt to Parliament
In a written response to a question by Congress MP Anto Antony and BJP MP Baijayant Panda in Lok Sabha on Monday, Minister of State for Finance Pankaj Chaudhary said that more than 6.5 lakh digital payment frauds have been reported in the last five years. New Delhi: Indians lost Rs 580 crore to digital payment frauds in the last five years, 67 percent of which were reported in just the last two years, the government has informed Parliament. Among the states and Union Territories, Maharashtra, Haryana, Delhi and Tamil Nadu top the chart when it comes to digital payment frauds. The four states together accounted for 69 percent of total reported frauds in the last five years. In 2024-25, Tamil Nadu with 25 percent of the total number of digital payment frauds pipped Maharashtra, which was holding the top spot for the previous four years. However, the total frauds did come down by 50 percent from Rs 2,93,488 in 2023-24 to Rs 1,45,738 in 2024-25, but it still remained higher than the prior three years. Recovery of money lost in digital frauds remains low. In the last five years, just 43 percent of money was recovered across the country. In his reply, Chaudhary mentioned that the onus of curbing the digital payment frauds lies with the states as police and public order are state subjects under the Seventh Schedule of the Constitution. 'The States/UTs are primarily responsible for the prevention, detection, investigation and prosecution of crimes including cyber-crime through their law enforcement agencies (LEAs). The Central Government supplements the initiatives of the States/UTs through advisories and financial assistance under various schemes for capacity building of their LEAs,' Chaudhary submitted in his written response. Also Read: More salaried than self-employed Indians earning less than Rs 25k a month face borrower stress—study Dubious records for HDFC, Kotak Mahindra According to the government data, Kotak Mahindra Bank reported the highest number (1,26,974) of digital frauds cumulatively over the last five years, while HDFC Bank reported the highest number of cases with over 35,000 in 2024-25. For 2024-25, the top five companies reporting digital frauds include HDFC Bank, Airtel Payments Bank, Axis Bank, ICICI Bank, and State Bank of India. All of them together account for 65 percent of reported cases during the year. In May, Airtel launched an AI-enabled Fraud Detection Solution with a multi-layered intelligence platform to safeguard customers from a range of scams and fraud. Chaudhary said that the government has taken steps to protect account holders from cyber frauds. For instance, the Reserve Bank of India (RBI) issued Master Directions on Digital Payment Security Controls in February 2021 to combat web and mobile app threats. These guidelines mandate the banks to implement a common minimum standards of security controls for various payment channels like internet, mobile banking, card payment etc. RBI and banks have also been taking up awareness campaigns through short SMS, radio campaigns, publicity on prevention of 'cyber-crime', etc. The RBI has also launched an AI-based tool 'MuleHunter' for identification of money mules and advised the banks and financial institutions for its uses. To prevent frauds related to UPI transactions, the National Payments Corporation of India (NPCI) has implemented device binding between mobile number and the device, two-factor authentications through PIN, daily transaction limit, limits and curbs on use cases etc. It also provides AI/Machine Learning-based fraud monitoring solutions to all the banks to generate alerts and decline transactions. (Edited by Tony Rai) Also Read: Three yrs since launch, govt-backed e-commerce network ONDC is a tortoise running with the hares
Time of India
7 hours ago
- Time of India
MMMUT's ‘Wisdom on Wheels' to boost digital literacy
Gorakhpur: In a unique initiative aimed at bridging the digital divide, Madan Mohan Malaviya University of Technology (MMMUT) is set to roll out a mobile digital literacy lab for rural areas, with support from the State Bank of India (SBI). Under the project, a large CNG bus will be transformed into a high-tech mobile computer lab, aptly named 'Wisdom on Wheels (WOW) Digital Lab'. The lab will be equipped with 16 advanced computers, a multifunction printer, Wi-Fi connectivity, one-hour UPS power backup, and air-conditioning. The estimated cost of Rs 90 lakh will be funded through SBI's CSR initiative. According to Prof Jai Prakash, dean of Extension Activities & Alumni Relations, the initiative aims to impart essential digital skills like basic computer operations, internet usage, online safety to rural communities. The mobile lab will travel to villages, conducting hands-on training sessions led by experienced instructors. Vice chancellor Prof J P Saini called the project a step towards inclusive digital growth, aligning with the university's ongoing efforts in rural education, health, and skill development. TNN
