Archive · 9 Oct 2026
HDFC Bank Proposes ₹35.89 Crore Annual Package for Anup Bagchi
Anup Bagchi is expected to become the head of HDFC Bank in October 2026.
His proposed job term is three years.
The bank has proposed annual pay of ₹35.89 crore.
About ₹8.97 crore would be fixed pay, while up to ₹26.92 crore would depend on performance.
The performance-linked part would include cash and awards linked to shares.
Some cash would be paid later, and the share awards would vest over four years.
The bank has also proposed a separate one-time joining award worth about ₹7.34–₹7.35 crore.
The RBI has approved the proposal, but shareholders still need to vote on it.
The final performance-based payment would depend on results and required approvals.
Anup Bagchi is scheduled to become HDFC Bank’s managing director and CEO on October 27, 2026, for a three-year term.
The proposed annual package totals ₹35.89 crore, including ₹8.97 crore in fixed pay and up to ₹26.92 crore in performance-linked pay.
The variable pay includes ₹8.88 crore in cash and about ₹18.03–₹18.04 crore in share-linked instruments; the articles differ slightly on the share-linked figure.
HDFC Bank has proposed a separate joining award of about ₹7.34–₹7.35 crore in share-linked instruments, vesting over four years.
The RBI has approved the appointment and proposed package; shareholder approval is being sought, and actual variable payouts depend on performance and applicable approvals.
- Who
- Anup Bagchi and HDFC Bank.
- What
- HDFC Bank has proposed an annual remuneration package of ₹35.89 crore and a separate joining award for Bagchi.
- When
- Bagchi is scheduled to take charge on October 27, 2026, for a three-year term ending October 26, 2029.
- Where
- HDFC Bank.
- Why
- The proposed package sets compensation for Bagchi’s planned role as the bank’s managing director and CEO.
- Proposed annual package
- ₹35.89 crore
- Fixed remuneration
- ₹8.97 crore
- Maximum variable remuneration
- ₹26.92 crore, equivalent to 300% of fixed pay
- Variable pay components
- ₹8.88 crore in cash and approximately ₹18.03–₹18.04 crore in share-linked instruments
- Proposed joining award
- Approximately ₹7.34–₹7.35 crore in share-linked instruments, vesting over four years
- Appointment term
- October 27, 2026, to October 26, 2029
- Approval status
- RBI approval has been granted; shareholder approval is being sought
- Reported figure variation
- Articles report slightly different figures for salary (₹3.31 crore or ₹3.32 crore), variable share-linked pay (₹18.03 crore or ₹18.04 crore), and joining award (about ₹7.34 crore or ₹7.35 crore).
