Sashidhar Jagdidhan, the CEO of HDFC Bank, has surpassed all other highest-paid bank CEOs in terms of compensation for the Fiscal Year 2023.
With a total package worth Rs. 10.55 crore, Jagdishan’s pay exceeds that of his banking industry competitors.
Sashidhar Jagdishan
In late 2020, Sashidhar Jagdishan was appointed CEO of the HDFC Bank, and he excelled as a leader. As a result of his contributions to the bank’s expansion and profitability, he received total compensation in the amount of about Rs. 10.55 crore in FY23, making him the highest-paid bank CEO in the nation.
A basic salary of Rs.2.82 crore, allowances and perquisites of Rs.3.31 crore, a provident fund of Rs.33.92 lakh, and a performance incentive of Rs.3.63 crore were all included in Jagdishan’s compensation package.
Kaizad Bharucha
Another high-earning official from HDFC Bank is Kaizad Bharucha, the deputy managing director, who earned a total of Rs. 10 crores in FY23. Bharucha is probably India’s second-highest-earning banker. His salary appropriately acknowledges his experience and strategic contribution to the bank’s operations.
Also, Read Rajnish Kumar: the former chairman of SBI, reveals his salary
Amitabh Chaudhary
Amitabh Chaudhary of Axis Bank receives a high salary compared to other notable bank CEOs. He is one of the highest-paid bank CEOs in the nation with a compensation of Rs. 9.75 crore in FY23. Sandeep Bakshi of the ICICI Bank, who earned a total of Rs. 9.60 crore for FY23, came in second place.
Uday Kotak
The CEO of Kotak Mahindra Bank, Uday Kotak, is renowned for his symbolic act of accepting a token payment of Rs. 1 ever since the pandemic started. He continued to work for a meager income in FY23, receiving only 1 Re in compensation. His commitment and long-term success vision are shown in this action.
Pay Trends in the Banking Industry
Kotak Mahindra Bank shone out on the compensation front at a time when the baking industry was experiencing difficulties due to attrition, posting a 16.97% increase in the average pay for its employees, excluding managerial talent.
Through modest wage increases, ICICI and Axis Bank also displayed their dedication to their staff members. To fight inflation, ICICI Bank offered an increase of 11%, whereas Axis Bank offered an increase of 7.6% on average.
HDFC Bank, on the other hand, recorded a considerably smaller average pay increase for its staff in FY23 of 2.51%.
