The managing director and CEO of was paid ₹15.13 crore for the financial year that ended March 2026, as per their annual report.
During the time, HDFC Bank’s CEO and MD was , who is now set to vacate his position on 26 October. In August, the private lender had informed the Reserve Bank of India that Jagdishan had decided to not seek reappointment after the end of his term.
CEO’s remuneration
In the previous fiscal year, Jagdishan’s basic pay was ₹3.09 crore and his allowances totaled ₹3.46 crore. Jagdishan was paid a 35 per cent performance bonus, which climbed from ₹4.67 crore in FY25 to ₹7.28 crore in FY26.
His employee stock option plan (ESOP) holdings more than doubled, rising from 2.12 lakh to 4.28 lakh shares.
In accordance to guidelines issued by the RBI, he also received a 50 per cent cash variable pay component worth ₹2.67 crore for his performance in 2024-25, which disbursed in January 2026.
With Jagdishan set to vacate his position on 26 October, he is set to be replaced by , the ICICI veteran. The RBI approved Bagchi as the new CEO and MD of HDFC Bank on Thursday.
The resignation of Jagdishan came months after Chairman Atanu Chakraborty resigned in March, saying certain practices at the bank were at odds with his “personal values and ethics”. An independent legal review later found no evidence to substantiate Chakraborty’s governance-related concerns.
How much did the Dy Managing Director earn?
Executive Director and Deputy Managing Director Kaizad Maneck Bharucha took home ₹17.14 crore in the last fiscal, outpacing the earnings of the MD and CEO.
Elevated to whole-time director in January, Bharucha drew a basic salary of ₹3.59 crore. His performance bonus jumped a 100 per cent to ₹8.59 crore, up from ₹4.19 crore last year. His ESOP grants also jumped five times, surging to 6.23 lakh from 1.30 lakh shares.
HDFC Bank’s new CEO
A veteran of ICICI for 24 years, Anup Bagchi will now be heading HDFC Bank. His appointment marks the first time an external candidate will lead HDFC Bank. The lender had previously been headed by banking veteran Aditya Puri for 25 years before Jagdishan succeeded him in 2020.
Bagchi, who was CEO of ICICI Prudential Life Insurance, has previously held senior positions at India’s second-largest private lender, ICICI Bank, where he led retail and wholesale banking operations.