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Sashidhar Jagdidhan, the CEO of HDFC Bank, has been named the highest-paid bank CEO for fiscal year 2023. Jagdishan's compensation package stands out among his contemporaries in the banking industry, totaling Rs.10.55 crore.
Jagdishan's Achievement
Sashidhar Jagdishan was appointed CEO of HDFC Bank in late 2020 and has demonstrated great leadership during his tenure. His contribution to the bank's growth and profitability was rewarded with a total pay of more than Rs.10.55 crore in FY23, making him the highest-earning bank CEO in the country.
Jagdishan's compensation package includes a base salary of Rs.2.82 crore, allowances and perquisites worth Rs.3.31 crore, a provident fund worth Rs.33.92 lakh, and a performance incentive worth Rs.3.63 crore.
Kaizad Bharucha's Outstanding Earnings
Kaizad Bharucha, HDFC Bank's deputy managing director, is another high-earning executive, with a total salary of Rs.10 crore for FY23. Bharucha is most likely India's second highest-earning banker. His knowledge and strategic contribution to the bank's operations have been appropriately rewarded.
Bank CEOs With The Highest Salary
Amitabh Chaudhary of Axis Bank rates high in terms of salary among other renowned bank CEOs. He is among the highest-paid bank CEOs in the country, with a compensation package of Rs.9.75 crore in FY23. Following closely behind is Sandeep Bakshi of ICICI Bank, who earned Rs.9.60 crore in FY23.
Uday Kotak
Since the pandemic began, Uday Kotak, the CEO of Kotak Mahindra Bank, has made the symbolic gesture of accepting a Re 1 token as remuneration. In FY23, he received only Re 1 as recompense for his commitment to a low income. This decision demonstrates his commitment to his long-term vision of success.
Banking Sector Compensation Trends
At a time when the baking industry is battling attrition issues, Kotak Mahindra Bank shone out on the salary front, citing a 16.97% increase in average income to its employees excluding managerial skills.
ICICI and Axis Bank also shown their devotion to employees by implementing modest salary raises. ICICI Bank gave an 11% rise, while Axis Bank offered a 7.6% average increase, both of which above inflation rates.
In FY23, however, HDFC Bank recorded a considerably modest average pay increase of 2.51% for its employees.
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