Logistics do pay on par with banking and insurance... I think you are mixing up logistics with transportation sector/companies. As Logistics solution provider provides end to end solutions including the documentation, warehousing, transportation, invoicing etc.. thus becoming into itself a supply chain management company
If you go through the entire history of all the three sectors you would come to know that while Banking and Insurance were basically managed by government / PSUs the transportation sector was managed by private sector..
Further with banking and Insurance sector you need to have that extra knowledge, so mostly graduates / post graduates [and now for insurance you require special qualification]. Qualified people with required qualification are in shortage. So the law of economics plays the role here of demand, supply and price.
As for the logistics sector, it grew virtually from one single company i.e. Transport Corporation of India Limited, which is a closely held company of Agrawal Family [now the company has been divided into GATI Ltd., TCI Ltd, Bhoruka and other such firms] They initially appointed people basically from their village, who were hardly 4th class of 5th class pass. This people were able to join for much lesser salary then others. [though the intention was to help their fellow villagers] . As some of the 4th class / 5th class people performed well and were promoted to higher levels. Later on they TCI started recruiting graduates and post graduates. This employees needed to be paid higher, but at the same time, TCI had a fixed pay grades and so the salary was not increased.
As almost all the major indian transportation companies have grown out of TCI,[either relatives of Mr. Agrawal or ex employees of TCI] they followed the similar structure of pay.
Since late 1990s the salaries in this sectors have gone up substantially with new players [such as Safe Express, TNT Worldwide] coming in to attract the available talent.
If you are really interested in further information, inform me... I have worked for logistics people for nearly 5 years...