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SBI puts out ad to hire CFO, offers about 3 times chairman’s salary

SBI puts out ad to hire CFO, offers about 3 times chairman’s salary

SBI puts out ad to hire CFO, offers about 3 times chairman’s salary
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By Ritu Singh  Jun 10, 2020 8:32:35 PM IST (Updated)

State Bank of India today invited applications for the post of Chief Financial Officer on contract, as per an advertisement issued by the lender.

State Bank of India today invited applications for the post of Chief Financial Officer on contract, as per an advertisement issued by the lender.

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The ad said the CFO would be offered an annual CTC (cost to company) and perks between Rs 75 lakh and Rs 1 crore, or about three times the Rs 29.5 lakh CTC it pays the bank’s chairman Rajnish Kumar.
Kumar also holds shares of the bank and receives other perks including a house in one of Mumbai’s most prime areas, which are not counted in his annual payout.
Kumar had made a light-hearted reference to his salary recently, saying that he would have to “live on the streets” if he opted for a pay cut like his peers at private banks.
The higher salary being offered for the CFO post is because the hiring is being made through the contract route, which allows SBI to offer market salaries.
The bank has asked prospective applicants to apply for the position online, which would be followed by a merit test, and an interview.
The contract period for the CFO role would be for 3 years to begin with, which can be renewed by another two years if mutually agreed between the bank and the candidate. The cut-off age to be eligible to apply is 57 years, the advertisement noted.
The CFO position opened after SBI’s former CFO Prashant Kumar took up duty as Yes Bank’s chief executive after the latter’s March rescue by the country’s largest lender.
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