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Anup Bagchi Set to Earn ₹43 Crore as HDFC Bank CEO
Anup Bagchi is expected to become the head of HDFC Bank on October 27.
The bank plans to pay him about ₹43 crore in his first year.
This includes his regular pay, extra pay tied to performance, and a one-time joining bonus.
Some of the bonus will be company shares that become his over four years.
His target extra pay for 2026–27 is ₹26.92 crore.
Part of that would be cash, and part would be stock options.
The bank’s filing asks shareholders to approve his compensation.
The article says his annual pay would be higher than the amounts received by several other bank chiefs in FY26.
Anup Bagchi is set to receive about ₹43 crore in compensation during his first year as HDFC Bank’s CEO and managing director.
The package includes ₹8.97 crore in fixed compensation, ₹26.92 crore in target variable pay and a one-time joining bonus exceeding ₹7.3 crore.
The joining bonus comprises restricted stock units worth ₹3.19 crore and ESOPs worth ₹4.16 crore, both vesting over four years.
Bagchi is set to take over on October 27, after incumbent Sashidhar Jagdishan’s term ends; the RBI cleared his remuneration.
The article says Bagchi’s annual compensation of ₹35.90 crore exceeds the cited FY26 pay for HDFC Bank’s Jagdishan, Kotak Mahindra Bank’s Ashok Vaswani and Axis Bank’s Amitabh Chaudhry.
- Who
- Anup Bagchi, incoming HDFC Bank managing director and CEO.
- What
- He is set to receive about ₹43 crore in first-year compensation, including fixed pay, variable pay and a joining bonus.
- Where
- HDFC Bank, India.
- When
- He is set to take over on October 27; the article was published October 9, 2026.
- Why
- The compensation package is for his appointment as the bank’s managing director and CEO; the bank’s filing seeks shareholder approval.
Pay package
Approval and disclosure
Shareholder approval
Pay package
HDFC Bank’s filing seeks shareholder approval for Bagchi’s compensation package.
Approval and disclosure
The RBI had cleared the remuneration while approving Bagchi’s appointment.
Comparison with other bank chiefs
Pay package
The article describes Bagchi as set to become the country’s highest-paid banker, with annual compensation of ₹35.90 crore.
Approval and disclosure
The cited FY26 figures show Jagdishan received ₹28.65 crore, Ashok Vaswani ₹17.23 crore and Amitabh Chaudhry ₹10.30 crore.
Key facts
- Expected first-year compensation
- About ₹43 crore
- Annual compensation cited
- ₹35.90 crore
- Fixed compensation
- ₹8.97 crore
- Target variable pay for 2026–27
- ₹26.92 crore, equal to 300% of fixed pay
- Joining bonus
- More than ₹7.3 crore, including ₹3.19 crore in restricted stock units and ₹4.16 crore in ESOPs
- Takeover date
- October 27
- Variable-pay breakdown
- ₹8.88 crore in cash and ₹18.04 crore through employee stock options
Sources
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