At ₹35.90 Crore, HDFC Bank’s Incoming MD & CEO Anup Bagchi Set to Become India’s Highest-Paid Bank Chief

Bagchi, 56, will formally take charge for a three-year tenure on October 27, 2026, succeeding outgoing MD & CEO Sashidhar Jagdishan. Cleared by the Reserve Bank of India (RBI), the proposal is up for shareholder approval via postal ballot between October 8 and November 6, 2026.

Granular Breakdown of the ₹43.24 Crore Package

Aligned with RBI’s guidelines on whole-time director compensation, 75% of Bagchi’s annual target package is tied to performance metrics and multi-year vesting schedules:

• Fixed Remuneration (₹8.97 Crore p.a.): Comprises a basic salary of ₹3.32 Crore, housing benefits of ₹1.66 Crore, a car allowance of ₹54 Lakh, and ~₹3.45 Crore in other allowances, retirement benefits, and perquisites.
• Performance-Linked Variable Pay (Up to ₹26.92 Crore p.a.): Equivalent to 3x fixed pay. This includes ₹8.88 Crore in cash incentives (with 50% deferred over three years) and ₹18.04 Crore in Employee Stock Options (ESOPs) valued at ₹253.42 per option under the Black-Scholes model, vesting over four years.
• One-Time Joining Bonus (₹7.35 Crore): Awarded in share-linked instruments comprising ₹3.19 Crore in Restricted Stock Units (RSUs) and ₹4.16 Crore in ESOPs, both vesting over four years.