MUMBAI: HDFC Bank’s incoming MD and CEO Anup Bagchi will get target annual compensation of Rs 35.9 crore, with a Rs 7.3-crore one-time equity grant taking potential pay to Rs 43.2 crore. He takes charge Oct 27 after Sashidhar Jagdishan’s exit.RBI approved Bagchi’s appointment Oct 1 for a three-year term. His Rs 9-crore fixed pay includes Rs 3.3 crore basic, Rs 1.6 crore retirals and Rs 3.9 crore allowances/perquisites.Variable pay is capped at Rs 26.9 crore, or 300% of fixed pay, comprising Rs 8.9 crore cash and Rs 18 crore in 7,11,801 stock options, with equity vesting over four years.The joining grant comprises 44,796 RSUs worth Rs 3.2 crore and 1,64,207 ESOPs worth Rs 4.2 crore. Bagchi’s proposed pay is sharply above his Rs 7.5-crore FY26 compensation at ICICI Prudential Life, though his Rs 3.3-crore basic broadly matches Jagdishan’s.Jagdishan received Rs 15.1 crore in FY26, including a Rs 7.3-crore performance bonus and 4,28,405 stock options.
