Jagdishan HDFC Bank managing director and CEO Sashidhar Jagdishan took home Rs 10.55 crore as remuneration for the financial year 2022-2023, according to the bank’s annual report for FY23. 

In FY22, Jagdishan had earned an annual salary of Rs 6.51 crore. This means he had a raise of 62% in FY23, spread over different components of the pay pack. 

The package includes a basic salary of Rs 2.82 crore, allowance and perquisites of Rs 3.31 crore and a performance bonus of Rs 3.63 crore, among others. 

HDFC Bank deputy managing director Kaizad Bharucha was paid Rs 10.03 crore in FY23. This included a basic pay of 2.74 crore, allowance and perquisites of Rs 4.36 crore and performance bonus of Rs 2.18 crore.

The remuneration is excluding the value of employee stock options exercised during the year.

In FY22, Bharucha took home Rs 10.64 crore as remuneration, which included a hefty performance bonus of Rs 4.46 crore. The bonus was earned in the years 2017-18 to 2020-21, which was partly paid in 2021-22.

Jagdishan took over as MD & CEO of HDFC Bank in October 2020 for a period of three years, after Aditya Puri ended his long stint. 

Earlier this year, the board of the bank has recommended the extension of Jagdishan’s stint as MD & CEO for another three years with effect from 27 October 2023, subject to the Reserve Bank of India’s approval.