HDFC Bank CEO-designate Anup Bagchi set for Rs 43 crore pay
Anup Bagchi is set to earn about Rs 43 crore in his first year as HDFC Bank's managing director and CEO, making him India's highest-paid bank chief. Exchange filings disclosed the package on Thursday.
The annual compensation of Rs 35.9 crore includes Rs 8.97 crore in fixed pay and Rs 26.92 crore in performance-linked variable pay. A one-time joining bonus of Rs 7.35 crore in stock units and options takes the first-year total to about Rs 43.24 crore.
Bagchi, an ICICI Group veteran of nearly three decades, takes charge on October 27 after Sashidhar Jagdishan's term ends. The RBI has cleared the remuneration. Shareholders are voting in a postal ballot that closes on November 6.
The package exceeds peers. Kotak Mahindra Bank CEO Ashok Vaswani earned Rs 17.23 crore in FY26, while Jagdishan drew Rs 28.65 crore including stock options.
Bagchi takes over as the bank faces governance scrutiny and slower growth after its merger with HDFC. A large part of his pay is tied to performance and the bank's shares.
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