HDFC Bank top executives highest paid bankers in FY24, ICICI brass next

Sashidhar Jagdishan, MD & CEO of HDFC Bank, was highest paid banker in India in FY23

The top executives of HDFC Bank, India’s largest private sector lender, were the highest earning bankers in FY24, according to data compiled by Business Standard from annual reports of banks.

Sashidhar Jagdishan, managing director (MD) and chief executive officer (CEO) of HDFC Bank, drew a remuneration of Rs 10.77 crore in FY24, according to the lender’s annual report. Kaizad Bharucha, deputy MD at HDFC Bank, drew a remuneration of Rs 11.12 crore.

“The bank follows a total compensation approach, which includes cash variable pay and equity-based incentives that are longer term in nature. At a total compensation level, the MD of the organisation receives a larger proportion of long term incentives (like ESOPs) than any whole-time director on the board. This makes the MD’s total compensation higher than that of other board members,” a spokesperson for HDFC Bank told Business Standard.

Jagdishan was the highest paid banker in FY23, earning a remuneration of Rs 10.55 crore. Bharucha, in the same period, drew a remuneration of Rs 10.03 core.

Sandeep Bakhshi, MD & CEO of ICICI Bank, was the second highest paid bank CEO in FY24 with a remuneration of Rs 9.96 crore. Bakhshi, who leads India’s second largest private sector bank, drew a remuneration of Rs 9.57 crore in FY23.

Sandeep Batra, executive director at ICICI Bank, drew a remuneration of Rs 8.67 crore in FY24, compared to Rs 8.53 crore in FY23.

Axis Bank’s MD & CEO Amitabh Chaudhry drew a remuneration of Rs 9.10 crore in FY24, compared to Rs 9.23 crore in FY23. Axis Bank deputy MD Rajiv Anand’s remuneration for FY24 stood at Rs 6.07 crore in FY24 compared to Rs 6.03 crore in FY23.

Emails sent to ICICI Bank and Axis Bank did not elicit a response.

Sumant Kathpalia, MD & CEO of IndusInd Bank, got a remuneration of Rs 7.50 crore in FY24, unchanged from FY23. 
 

The median remuneration of Axis Bank employees increased by 6 per cent in FY24 compared to FY23. At ICICI Bank the percentage increase in the median remuneration of employees in FY24 was around 12.6 per cent. At IndusInd Bank, the median fixed remuneration of employees in the FY24 increased by 8.4 per cent.