Anup Bagchi will assume the roles of Managing Director and Chief Executive Officer of HDFC Bank later this month, succeeding Sashidhar Jagdishan. The bank has announced a remuneration package that could total ₹35.89 crore for the 2026‑27 performance year, comprising a fixed annual salary and a performance‑linked variable component. The variable pay is capped at ₹26.92 crore, while the fixed portion stands at ₹8.97 crore, bringing the potential annual compensation to ₹35.89 crore. Bagchi’s appointment is slated to begin on October 27, 2026, after the RBI’s approval.

The fixed‑pay element consists of an annual salary of ₹3.32 crore, a provident fund contribution of ₹39.82 lakh, a gratuity of ₹21.38 lakh, pension or National Pension System benefits of ₹46.46 lakh and superannuation benefits of ₹49.78 lakh. Additional fixed allowances include a leave travel allowance of ₹55.31 lakh and other allowances amounting to ₹1.09 crore. Housing benefits are valued at ₹1.66 crore per annum, and a conveyance allowance or use of the bank’s car is worth ₹54 lakh. The package also covers club memberships, a housing loan benefit, and medical and personal accident insurance.

HDFC Bank’s proposed annual compensation is considerably higher than that received by peers. Kotak Mahindra Bank CEO Ashok Vaswani earned ₹17.23 crore in FY26, while Axis Bank MD and CEO Amitabh Chaudhry received ₹10.30 crore. The outgoing HDFC CEO, Sashidhar Jagdishan, drew ₹28.65 crore, including stock options, in FY26. Bagchi’s package therefore represents a significant increase over the current and former remuneration levels within the Indian banking sector.

Bagchi will also receive a one‑time joining bonus comprising restricted stock units (RSUs) valued at ₹3.19 crore and employee stock options worth ₹4.16 crore, which will vest over four years. The variable component of his remuneration is calculated at 300% of the fixed pay and is subject to performance assessment and approvals from the bank’s Governance, Nomination and Remuneration Committee, board and the Reserve Bank of India. The remuneration structure and appointment have been presented to shareholders for approval through a postal ballot, with voting commencing on October 8 and concluding on November 6.

Bagchi’s variable pay includes cash payments of ₹8.88 crore and employee stock options valued at ₹18.04 crore. The bank has proposed that 50% of the cash component be paid upfront, with the remaining half deferred over three years. The share‑linked incentives will vest over four years, with 25% scheduled to vest at the end of each of the first three years and the balance in the fourth year. Bagchi, who joined the ICICI Group in 1992, is currently the managing director and CEO of ICICI Prudential Life Insurance.