Highest-Paid Bank CEOs in India for FY23: Sashidhar Jagdishan Tops the List

Highest-Paid Bank CEOs in India for FY23: Sashidhar Jagdishan Tops the List
Highest-Paid Bank CEOs in India for FY23: Sashidhar Jagdishan Tops the List

In the financial year 2023, Sashidhar Jagdishan, the Chief Executive Officer of HDFC Bank, has secured the premier position as the most handsomely compensated bank CEO in India. Sporting a comprehensive remuneration of Rs.10.55 crore, Jagdishan’s compensation conspicuously overshadows his counterparts within the banking realm.

Having assumed the role of CEO at HDFC Bank in late 2020, Sashidhar Jagdishan has distinguished himself through exemplary leadership throughout his tenure. His instrumental role in fostering the bank’s growth and augmenting its profitability has warranted a complete package exceeding Rs.10.55 crore for the FY23, firmly positioning him as the highest-earning bank CEO within the nation.

Jagdishan’s comprehensive package encompasses a fundamental salary of Rs.2.82 crore, supplemented by allowances and perquisites amounting to Rs.3.31 crore, alongside a provident fund contribution of Rs.33.92 lakh and a performance bonus totaling Rs.3.63 crore.

Among his accomplished contemporaries, Kaizad Bharucha, the Deputy Managing Director of HDFC Bank, stands out as another prominent high-earning executive, amassing a total compensation of Rs.10 crore for the FY23. Bharucha is likely to secure the second position among India’s top-earning bankers. His exceptional expertise and strategic contributions to the bank’s operations have duly translated into his well-earned remuneration.

Within the panorama of esteemed bank CEOs, Amitabh Chaudhary of Axis Bank emerges as a standout figure in terms of financial acknowledgment. With a substantial payout amounting to Rs.9.75 crore in the FY23, he firmly solidifies his status as one of the nation’s highest-earning bank CEOs. Following closely is Sandeep Bakshi of ICICI Bank, whose cumulative earnings for the FY23 tally up to an impressive Rs.9.60 crore.

In a unique and symbolic gesture, Uday Kotak, the visionary at the helm of Kotak Mahindra Bank, has elected to receive a token remuneration of Re 1 since the onset of the pandemic. This unwavering commitment to a minimal salary structure perseveres into the FY23, as he continues to accept a nominal compensation of Re 1. This remarkable decision mirrors his steadfast dedication to his overarching long-term vision of prosperity.

During a period marked by challenges and attrition within the banking sector, Kotak Mahindra Bank has emerged as a beacon of commitment on the compensation front. The bank has reported a commendable 16.97% increase in average remuneration for its staff, excluding managerial talents.

Both ICICI Bank and Axis Bank have mirrored their commitment to their workforce by instituting moderate pay increments. ICICI Bank has executed an 11% increase, while Axis Bank has provided an average hike of 7.6%, surpassing prevailing inflation rates.

Conversely, HDFC Bank’s average pay hike for its employees in the FY23 has been comparatively conservative, registering a growth of 2.51%.