In the fiscal year 2023, Sashidhar Jagdidhan, the CEO of HDFC Bank has taken the top spot as the highest paid bank CEO. With an overall package of Rs.10.55 crore, Jagdishan’s compensation stands out among his peers in the banking sector.
Sashidhar Jagdishan took over as CEO of the HDFC Bank in late 2020 and has shown exceptional leadership during his tenure. His contribution to the bank’s growth and profitability has been rewarded with a total remuneration of over Rs.10.55 crore in the FY23 which positions him as the highest-earning bank CEO in the country.
Jagdishan’s package included a basic salary of Rs.2.82 crore, allowances and perquisites of Rs.3.31 crore, provident fund of Rs.33.92 lakh and a performance bonus of Rs.3.63 crore.
Kaizad Bharucha, the deputy managing director of the HDFC bank, is another high-earning executive from HDFC Bank with the total earning of Rs.10 crore for FY23. Bharucha is likely the second highest grossing banker in India. His expertise and strategic contribution in the bank’s operations have been duly recognised in his compensation.
Among other prominent bank CEOs, Amitabh Chaudhary of Axis Bank ranks high in terms of remuneration. With a payout of Rs.9.75 crore in FY23, he is among the highest-paid bank CEO in the country. Following closely is Sandeep Bakshi of ICICI Bank with the total earning of Rs.9.60 crore for FY23.
Uday Kotak, the head of Kotak Mahindra Bank, is known for his symbolic gesture of taking a token of Re 1 as remuneration since the pandemic began. This commitment to a minimal salary continued in FY23, as he received only Re 1 as compensation. This move reflects his dedication his long term vision of success.
At a time when the baking sector facing challenges related to attrition, Kotak Mahindra Bank stood out on the compensation front, reporting a 16.97% increase in the average remuneration to its staffers excluding the managerial talent.
ICICI and Axis Bank also demonstrated their commitment to employees through moderate pay hikes. ICICI Bank offered an 11% increase while Axis Bank provided a 7.6% average hike, beating inflation rates.
However, HDFC Bank reported a relatively lower average pay hike of 2.51% for its employees in FY23.
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