Government sources said that, the chairmen of public sector banks are all set to get performance-based bonuses for achieving their targets in 2008-09, amid pay cuts across the private sector. They have already achieved their set targets fixed for this fiscal at a time when the global financial sector is going through tough times.

 

All public sector banks have adhered to the set goals, in terms of meeting credit and deposit growth targets for the current fiscal, MD Mallya, chairman and managing director, Banks of Baroda, told the media.

 

The finer details of the incentive package are yet to be worked out. Performances based incentives for PSU bank's head are assessed on the basis of targets set in the statements of intent given to the finance ministry in the beginning of the year.

 

Achievement with regard to the Bank's credit and deposit growth targets, quality of assets and recovery of non-performing assets are the major criteria for accessing the performances of CEOs.