Anup Bagchi Named Highest-Paid Bank CEO in India

Anup Bagchi will assume the role of Managing Director and CEO of HDFC Bank on October 27, 2026, for a three-year term. He succeeds Sashidhar Jagdishan, whose term ends just before Bagchi takes office. The Reserve Bank of India approved the appointment and the accompanying remuneration package on October 1.

Bagchi's first-year compensation is projected at approximately Rs 43.2 crore. This total includes a target annual pay of Rs 35.9 crore—comprising Rs 8.97 crore in fixed pay and up to Rs 26.92 crore in performance-linked variable pay—and a one-time joining bonus of Rs 7.3 crore in stock-linked incentives. The joining bonus consists of restricted stock units and employee stock options vesting over four years. Additional perquisites include company cars, housing benefits, and a housing loan of Rs 3.75 crore.

This package makes Bagchi the highest-paid banker in India, surpassing the FY26 remuneration of his predecessor and the CEOs of Axis Bank and Kotak Mahindra Bank. Bagchi, formerly the MD and CEO of ICICI Prudential Life Insurance, takes leadership as HDFC Bank seeks to address integration challenges following its merger with HDFC and revive retail loan growth. The remuneration package currently awaits shareholder approval via a postal ballot closing November 6.