The National Federation of State Cooperative Banks (NAFSCOB) has initiated the process of revising the pay scale of its Managing Director/Chief Executive, with plans to advertise the position soon.
In an official circular dated June 22, NAFSCOB informed all State Cooperative Banks (StCBs), District Central Cooperative Banks (DCCBs), and national-level cooperative bodies about the proposed changes.
As per the current structure based on the 7th Pay Commission, the MD position carries a pay scale of Rs. 1,44,200 – Rs. 2,18,200 (Pay Matrix Level 14). The total emoluments at the entry level are Rs. 2,77,930, which could rise to Rs. 4,14,830 after 15 years of service, depending on Dearness Allowance revisions.
To assist with benchmarking, NAFSCOB has asked member institutions to submit details of their current MD/CEO pay structures, including initial salary, 10-year and 15-year emoluments, by June 30. The Federation also seeks data on deputed officers’ pay.
NAFSCOB Managing Director Bhima Subrahmanyam emphasized the urgency of the matter, calling for timely submissions from all stakeholders.