Anup Bagchi, who is set to take charge of , could become India’s “highest-paid” bank CEO, with the country’s largest private sector lender proposing an annual pay package of up to ₹35.90 crore for him, according to an Economic Times report.
The proposed remuneration translates to approximately ₹3 crore per month. The bank has reportedly cleared a one-time joining bonus worth ₹7.35 crore in stock-linked incentives. This could bring Bagchi’s total compensation to ₹43.24 crore, subject to applicable performance benchmarks and vesting schedules.
The bank has initiated the process of obtaining shareholder consent for Bagchi’s appointment and pay package. The Reserve Bank of India () has already approved the proposal, which shareholders can vote on electronically through a postal ballot between October 8 and November 6, the report noted.
Who is Anup Bagchi?
Bagchi is an experienced financial services professional whose career spans more than three decades across banking, capital markets, investment services and insurance.
He began his association with the ICICI Group in 1992 and went on to occupy several senior leadership roles across the organisation. These included heading ICICI Securities as managing director and CEO, serving as an executive director at and leading ICICI Life Insurance, previously known as ICICI Prudential Life Insurance, as its managing director and CEO.
He is scheduled to assume the top position at HDFC Bank on October 27, 2026, for a tenure of three years.
From ICICI Bank to the top job at HDFC Bank
Bagchi was an executive director at ICICI Bank between 2017 and 2023. He initially supervised retail, business and rural banking operations before taking charge of wholesale banking.
He also held responsibilities outside the bank’s core operations. Bagchi chaired ICICI Prudential Asset Management Company until May 2023 and served on the boards of ICICI Prudential Pension Fund Management and ICICI Home Finance.
In June 2023, he moved to the top leadership role at ICICI Life Insurance. During his tenure, the company pursued growth in protection-oriented insurance products and new business, while focusing on profitable and sustainable expansion.
His professional experience extends across treasury management, retail and wholesale banking, investment banking and digital financial services, giving him exposure to several major segments of the financial sector.
Where did Anup Bagchi study?
Bagchi has an engineering degree from the Indian Institute of Technology (IIT), Kanpur, and a management qualification from the Indian Institute of Management (IIM), Bangalore.
His appointment places an executive with extensive experience in both banking and insurance at the helm of HDFC Bank, as the lender prepares for its next phase of leadership.