State Bank of India (SBI) is asking prospective partners for its general insurance foray to pay it Rs 300 crore (Rs 3 billion) to Rs 350 crore (Rs 3.5 billion) as entry premium, insurance industry sources said.
As per the bank sources, senior-most MDs -- A Krishna kumar and Hemant Contractor -- are part of the committee.
In FY23, the State Bank of India (SBI) reported a 57.4 per cent jump in its net profit to Rs 55,684.17 crore. But the chairman of the country's largest bank, Dinesh Khara's annual pay for this creditable performance was just Rs 37 lakh (his peers at state-run banks are no better off). Look at his private bank rivals - most pocketed in excess of Rs 7 crore annually - plus stock options.
The standalone total income of the bank rose to Rs 36,331 crore (Rs 363.31 billion) during the quarter, from Rs 33,959 crore (Rs 339.59 billion) in the corresponding period a year ago, SBI said in a statement.
Consolidation will help banks derive economies of scale, but integration will not be easy.
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