Anup Bagchi to Receive ₹43 Crore in First Year at HDFC Bank

Anup Bagchi is poised to earn a staggering ₹43 crore in his inaugural year as the chief executive officer and managing director of HDFC Bank, making him the highest-paid banker in India. This landmark compensation was disclosed in exchange filings by the bank, which is the largest private sector lender in the country.

The breakdown of Bagchi's remuneration reveals a fixed compensation of ₹8.97 crore, complemented by a variable pay of ₹26.92 crore. Additionally, he will receive a one-time joining bonus exceeding ₹7.3 crore, which includes restricted stock units valued at ₹3.19 crore and employee stock options worth ₹4.16 crore, both of which will vest over a four-year period.

The Reserve Bank of India (RBI) has sanctioned Bagchi's remuneration package while approving his appointment to lead this systemically important bank. Currently serving as an additional director on the board, he is set to officially take over the role on October 27, following the conclusion of Sashidhar Jagdishan's term as MD and CEO.

In comparison to his peers, Bagchi's annual compensation of ₹35.90 crore significantly surpasses that of Ashok Vaswani, CEO of Kotak Mahindra Bank, who earned ₹17.23 crore in FY26, and Amitabh Chaudhry, MD and CEO of Axis Bank, who received ₹10.30 crore. Jagdishan's total compensation for FY26 was ₹28.65 crore, which included stock options.

Looking ahead, Bagchi's variable pay target for the fiscal year 2026-27 is set at ₹26.92 crore, representing 300% of his fixed pay. This includes ₹8.88 crore in cash and ₹18.04 crore through employee stock options, with the cash component divided between upfront and deferred payments. As he prepares to assume his new role, Bagchi's compensation package reflects the competitive landscape of banking leadership in India.