Anup Bagchi will assume the MD and CEO role on Oct 27, following the resignation of Sashidhar Jagdishan. The RBI’s Board confirmed the appointment on Oct 1 for a three‑year term, citing Bagchi’s track record at ICICI Prudential Life.
Bagchi’s fixed compensation is set at Rs 9 crore annually, broken down into a Rs 3.3 crore basic, Rs 1.6 crore retiree‑related payments, and Rs 3.9 crore allowances and perks.
Variable pay is capped at Rs 26.9 crore, or 300 percent of the fixed base, comprising Rs 8.9 crore in cash and Rs 18 crore in 7,11,801 stock options vesting over four years.
In addition, Bagchi will receive a one‑time equity grant of Rs 7.3 crore and a joining grant of 44,796 RSUs worth Rs 3.2 crore plus 1,64,207 ESOPs valued at Rs 4.2 crore, lifting the total potential compensation to Rs 43.2 crore.
The package eclipses Bagchi’s Rs 7.5 crore remuneration at ICICI Prudential Life and contrasts sharply with Jagdishan’s FY26 earnings of Rs 15.1 crore, which included a Rs 7.3 crore performance bonus and 4,28,405 stock options.
Employees across HDFC’s branches are watching closely, as the new leadership and pay structure may signal a shift in the bank’s risk appetite and investor expectations. The board will review the package at the end of the first fiscal year.