HDFC Bank's Anup Bagchi set to become India's highest-paid bank CEO - ₹35.9 crore
ANUP Bagchi, who is to take charge as HDFC Bank’s managing director and chief executive officer (MD & CEO) later this month, is poised to become India’s highest-paid bank CEO, with the lender proposing a target annual compensation package of ₹35.9 crore.
The package, detailed in HDFC Bank’s postal ballot notice, comprises fixed remuneration of ₹8.97 crore and target variable pay of ₹26.92 crore for the 2026-27 performance year. The variable component, equivalent to 300 per cent of his fixed remuneration, accounts for nearly 75 per cent of his total target compensation.
Separately, Bagchi will receive a one-time joining bonus worth around ₹7.35 crore in the form of share-linked instruments. The joining award will vest over four years and is separate from his annual target compensation.
Bagchi’s fixed remuneration includes an annual salary of ₹3.32 crore, with the balance comprising allowances and perquisites, retirement benefits, and other benefits. The bank has also provided for up to two company cars — each with an ex-showroom price of up to ₹1.4 crore — along with a monthly fuel allowance of 700 litres and maintenance expenses reimbursed at actual cost.
The variable pay will comprise ₹8.88 crore in cash and ₹18.04 crore in share-linked instruments. The cash component will be split equally between upfront and deferred payments, with ₹4.44 crore payable upfront and ₹4.44 crore deferred over a three-year vesting period. The actual variable payout, however, will depend on Bagchi’s performance and will be subject to the approval of HDFC Bank’s Governance, Nomination and Remuneration Committee, the board, and the Reserve Bank of India (RBI), as applicable.
The proposed package puts Bagchi’s target annual compensation well above the remuneration reported by the heads of other large private-sector banks in financial year 2025-26 (FY26).
HDFC Bank’s outgoing MD & CEO, Sashidhar Jagdishan, received a total remuneration of ₹28.65 crore in FY26, including gross salary of ₹14.71 crore and stock-option benefits of ₹13.53 crore, according to the bank’s statutory annual return.
Deputy Managing Director Kaizad Bharucha received ₹26.32 crore, including gross salary of ₹16.69 crore and stock-option benefits of ₹9.17 crore.
On a cash and other remuneration basis, Jagdishan received ₹15.13 crore in FY26. ICICI Bank MD & CEO
Sandeep Bakhshi received around ₹10.6 crore, while Kotak Mahindra Bank MD & CEO Ashok Vaswani received around ₹17.2 crore during the year.
In FY26, Bagchi received ₹7.48 crore in remuneration from ICICI Prudential Life Insurance, excluding the value of stock options granted to him during the year. He is currently the MD & CEO of ICICI Prudential Life.
Bagchi is scheduled to take charge as HDFC Bank’s MD & CEO on October 27, succeeding Jagdishan. His appointment is for a three-year term.
