I was reading through the balance sheet of IDBI Ltd., One interesting thing which caught my attention was the salary levels of the Chairman and Managing Director, Yogesh Agrawal. This poor guy, I literally mean that, is being paid a basic salary of Rs26,000/- pm and Dearness allowance of Rs13500/- pm. What is this measly salary figure for a person who is supposed to manage one of India’s largest bank. I was totally confused to know what kind of motivation or committment levels these kind of salaries can inspire.
The bank has two major divisions, Retail Banking Division and Corporate Banking Division. Each one of them is managed by a Deputy Managing Directors and they are also paid salary of similar nature.
The IDBI Balance sheet is bi-lingual. That is, it has a Hindi version and an English version side by side. It also proudly talks about the steps taken by the Bank to propogate Hindi in their administrative activities. I was immediately reminded of Central Government offices, Central Excise, Income Tax and Customs. There you can find a new Hindi word written on a slate (similar to one what is used by school going children) and hung at the centre of the hall with the meaning in vernacular language.
The other noteworthy thing which caught my attention in IDBI Balance sheet is the amount of investments held in its books. It is more than Rs33,000/- crores. Most of it would be Government securities for SLR and other purposes but surely there are hidden gems of investments in companies and corporations which would translate it into a goldmine, if at all, IDBI decides to monetise it someday. At the peak stock market valuations, the per share value of investments was stated to be somewhere close to Rs75/- per share.
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