HDFC Bank has proposed an annual pay package of up to ₹35.90 crore for its incoming CEO Anup Bagchi, potentially making him India's highest-paid bank chief. The package includes a one-time joining bonus worth ₹7.35 crore in stock-linked incentives, bringing the total possible compensation to ₹43.24 crore, subject to performance and vesting conditions. The bank is seeking shareholder approval for the appointment and pay, with voting open from October 8 to November 6, 2026, according to livemint.com.
Bagchi, who will take charge as HDFC Bank CEO on October 27, 2026, has over three decades of experience in financial services. He started his career with the ICICI Group in 1992 and has held senior roles such as managing director and CEO of ICICI Securities, executive director at ICICI Bank, and managing director and CEO of ICICI Life Insurance. The Reserve Bank of India has already approved the proposal, and HDFC Bank has initiated the process for shareholder consent via postal ballot, livemint.com reported.
The proposed remuneration underscores the competitive compensation landscape among India's private sector banks. Bagchi's package surpasses typical CEO pay in the sector, reflecting HDFC Bank's stature as the country's largest private lender. His appointment follows a trend of high-profile leadership changes in Indian banking, where attracting seasoned executives with extensive experience in capital markets and insurance is critical for growth and innovation. The ₹43.24 crore total pay, including incentives, positions Bagchi at the top tier of bank CEOs nationally, per livemint.com.
Shareholders will vote on Bagchi's appointment and remuneration package electronically between October 8 and November 6, 2026. The Reserve Bank of India's prior approval clears the way for his official takeover on October 27, 2026, marking a significant leadership transition at HDFC Bank, according to livemint.com.