HDFC Bank’s incoming Managing Director and CEO, Anup Bagchi, is set to receive an annual compensation package of up to ₹35.90 crore, subject to shareholder approval and performance-linked conditions. If approved, the package could make him one of India’s highest-paid banking CEOs. The bank has also proposed a one-time joining bonus of ₹7.35 crore, potentially taking his total compensation to around ₹43.24 crore.
The proposed annual package includes a fixed salary of ₹8.97 crore and variable pay of up to ₹26.92 crore. Of the variable component, ₹8.88 crore would be paid in cash, while ₹18.04 crore would be provided through employee stock options (ESOPs). Certain incentives and stock benefits will be subject to vesting schedules and other conditions designed to link compensation with long-term performance.
The joining bonus comprises ₹3.19 crore in restricted stock units and ₹4.16 crore in stock options, with benefits to be released over four years. The proposed package represents a significant increase from Bagchi’s reported compensation of around ₹18.9 crore at ICICI Prudential Life Insurance in FY2025–26. The Reserve Bank of India has approved Bagchi’s appointment, while HDFC Bank has sought shareholder approval for the compensation proposal through postal ballot and e-voting scheduled from October 8 to November 6, 2026. Bagchi, 56, is scheduled to take charge as HDFC Bank’s MD and CEO on October 27 for a three-year term, succeeding Sashidhar Jagdishan.
