HDFC’s Jagdishan highest paid bank CEO with Rs 10.55 cr pay

 

 

HDFC Bank’s Sashidhar Jagdishan has emerged as the highest-paid bank Chief Executive in FY23, grossing over Rs 10.55 crore in overall pay. Jagdishan’s colleague Kaizad Bharucha, the deputy managing director of the largest private sector lender, drew Rs 10 crore for the fiscal year and may be the second-highest grossing banker in the country, according to disclosures made in annual reports. Among the bank CEOs, Axis Bank’s Amitabh Chaudhry’s Rs 9.75 crore payout was the second biggest and he was closely followed by Sandeep Bakhshi of bigger rival ICICI Bank, who drew Rs 9.60 crore for the fiscal year. Uday Kotak, who holds over 26 per cent of Kotak Mahindra Bank, continued with his decision to take a token Re 1 as remuneration started in the pandemic, even in FY23.

 

At a time when the banking sector is grappling with the attrition problem, Kotak Mahindra Bank stood out on the compensation front, reporting a 16.97 per cent increase in the average remuneration to its staffers excluding the managerial talent. Staffers at ICICI Bank were given an 11 per cent hike, while those at Axis Bank enjoyed an inflation-beating 7.6 per cent average increase. HDFC Bank reported an average pay hike of 2.51 per cent. Interestingly, south-based Federal Bank, which has among the lowest attrition rates in the industry, reported an average pay hike of only 2.67 per cent.