HDFC Bank’s Anup Bagchi Set to Become India’s Highest-Paid Bank CEO

Anup Bagchi is to be appointed as the MD & CEO of HDFC Bank on October 27, 2026, replacing Sashidhar Jagdishan. HDFC Bank has fixed an estimated target annual compensation of ₹35.9 crore for Anup Bagchi for 2026-27, which could make Bagchi the highest paid bank CEO in India. This estimate consists of ₹8.97 crore of fixed compensation and ₹26.92 crore of target variable compensation for Anup Bagchi. In addition, Bagchi would get a separate joining bonus of ₹7.35 crore in share-linked instruments.

HDFC Bank – ₹35.9 Crore Compensation Package

This annual compensation package consists of two components as follows,

Component	Amount
Fixed remuneration	₹8.97 crore
Target variable pay	₹26.92 crore
Target annual compensation	₹35.90 crore
Separate joining bonus	₹7.35 crore

The ₹26.92 crore variable portion of the package is equal to 300% of Bagchi’s fixed remuneration and constitutes around 75% of Bagchi’s target annual compensation.

The variable compensation actually payable would depend on Bagchi’s performance and would be subject to necessary approvals from the HDFC Bank’s Governance, Nomination and Remuneration Committee, Board and the Reserve Bank of India (RBI).

How Variable Remuneration of Anup Bagchi Will Be Framed?

The variable pay proposed for Anup Bagchi is ₹26.92 crore. It will be in cash and share-linked instruments. ₹8.88 crore will be in cash and ₹18.04 crore in share-linked instruments.

The cash element will be bifurcated into upfront pay and deferred payment. Bagchi will get ₹4.44 crore in cash upfront, whereas the other ₹4.44 crore will be in deferred payment for three years.

The share-linked element is bigger than cash payment in terms of amount. It is done to align the major portion of his proposed pay with performance of the bank.

Joining Bonus of Around ₹7.35 Crore for Anup Bagchi

Besides his annual pay, Bagchi will get joining bonus of ₹7.35 crore.

The joining bonus will be provided in share-linked instruments, which will vest after four years. The joining bonus is apart from his annual target compensation of ₹35.9 crore.

There are other aspects of remuneration like retirement benefit and allowances and perquisites as well.

Salary, Cars and Other Perks

Fixed Remuneration of Bagchi comprises an annual salary of ₹3.32 crores, out of which the rest includes allowances, perquisites, retirement benefits, and other perks.

The package has also made provisions for up to two company cars, where the cost of each car should be ₹1.4 crore ex-showroom.

The fuel allowance would be provided for up to 700 liters per month and maintenance cost will be reimbursed on an actual basis.

Previous Employment of Anup Bagchi at ICICI Prudential Life

Anup Bagchi was earlier working as MD & CEO of ICICI Prudential Life Insurance Co.

In FY26, Bagchi earned an annual remuneration of approximately ₹7.48 crores, excluding the cost of stock options allotted to him for the year.

His joining in HDFC Bank, hence, is a shift from managing a leading life insurance firm to a major private sector bank of India.