HDFC Bank’s new CEO set to command record Rs 35.9 crore pay

Anup Bagchi is set to become India’s highest-paid bank CEO, with a proposed annual compensation of Rs 35.9 crore as he takes charge as HDFC Bank’s MD & CEO on October 27, 2026. He joins the bank after a 34-year career with the ICICI Group, having stepped down as MD & CEO of ICICI Prudential Life Insurance on October 13.

Bagchi’s proposed package exceeds the FY26 remuneration of outgoing HDFC Bank CEO Sashidhar Jagdishan (Rs 28.65 crore), Kotak Mahindra Bank’s Ashok Vaswani (around Rs 17.2 crore) and ICICI Bank’s Sandeep Bakhshi (around Rs 10.6 crore).

The proposed package comprises fixed remuneration of Rs 8.97 crore and target variable pay of Rs 26.92 crore for the 2026-27 performance year. He will also receive a one-time joining bonus of around Rs 7.35 crore in share-linked instruments, vesting over four years.