Bank of baroda

Dr. Dharmendra Bhandari
is a Director representing the shareholders on the Board. He is a management consultant. He
obtained a Bachelor’s Degree in Commerce and is a Chartered Accountant. He has worked as an officer on Special
Duty, DOS, RBI and has also been a consultant to the joint parliamentary committee on securities scams. He has also
been on the boards of the directors of Dena Bank and Bank of Maharashtra.

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BANK OF BARODA
Remuneration of Directors
1.
Dr. Anil K. Khandelwal, Chairman and Managing Director:
Dr. Anil K. Khandelwal was appointed as Chairman and Managing Director of our Bank on March 1, 2005 by the
Department of Economic Affairs (Banking Division), MoF, GoI, vide Notification No. F.No 9/60/2004 - B.O.I after
consultation with the RBI under clause (a) of Sub-Section (3) of Section 9 of the Bank Acquisition Act up to March
31, 2008 or until further orders, whichever is earlier.
Salary and dearness pay: A.K. Khandelwal is entitled to receive Rs. 24,050 per month as salary plus dearness pay
at the rate of 50% of basic pay, as remuneration during his term as the Chairman and Managing Director of our
Bank.
Other perquisites and benefits: In addition to the above, the CMD is entitled to certain perquisites which include
entertainment allowance up to a ceiling of Rs. 6,000 per annum, increment every 12 months, residential
accommodation, use of an official car, conveyance and travelling allowance for travel by air, leave and leave travel
concession, provident fund, medical benefits and gratuity.
2.
A.C. Mahajan, Executive Director:
A.C. Mahajan was appointed as Executive Director of our Bank on June 18, 2005 by the Department of Economic
Affairs (Banking Division), MoF, GoI, vide Notification no. F.No.9/11/2005-B.O.I after consultation with the RBI under
clause (a) of Sub-Section (3) of Section 9 of the Bank Acquisition Act for a period of five years from the date of his
taking charge of the post or until further orders, whichever is earlier.
Salary and dearness pay: A.C. Mahajan is entitled to receive Rs. 22,050 per month as salary plus dearness pay at
the rate of 50% of basic pay, as remuneration during his term as the Executive Director of our Bank.
Other perquisites and benefits: In addition to the above, the Executive Director is entitled to certain perquisites
which include entertainment allowance up to a ceiling of Rs. 6,000 per annum, increment every 12 months,
residential accommodation, use of an official car, conveyance and travelling allowance for travel by air, leave and
leave travel concession, provident fund, medical benefits and gratuity.
Other Directors receive only sitting fees from the Bank. As per extant RBI instructions, a director of a nationalized
bank is entitled to receive a sitting fee of Rs. 5,000 per meeting of the board and a sitting fee of Rs. 2,500 per
meeting of any committee of the board. In accordance with the same, sitting fees paid to the Directors for the period
ended September 30, 2005 aggregated to Rs. 3,12,500.