Anup Bagchi to become India’s highest-paid banker at HDFC Bank

Anup Bagchi is set to become the highest-paid banker in India upon taking over as the MD and CEO of HDFC Bank on October 27. According to exchange filings, Bagchi will receive a total compensation of Rs 43 crore in his first year.

The compensation package includes Rs 8.97 crore in fixed pay and Rs 26.92 crore in variable pay. Additionally, the bank has proposed a one-time joining bonus exceeding Rs 7.3 crore, which consists of restricted stock units worth Rs 3.19 crore and ESOPs valued at Rs 4.16 crore, both to be vested over four years. The package is subject to shareholder approval.

Bagchi’s remuneration significantly exceeds that of other top Indian bankers. Kotak Mahindra Bank CEO Ashok Vaswani earned Rs 17.23 crore in FY26, and Axis Bank MD and CEO Amitabh Chaudhry earned Rs 10.30 crore. Bagchi succeeds Sashidhar Jagdishan, who received Rs 28.65 crore in the previous financial year.