Jagdishan

Highest paid bank CEO in FY23 is Jagdishan from HDFC Bank with Rs 10.55 cr pay.

HDFC Bank’s Managing Director and Chief Executive, Sashidhar Jagdishan, has emerged as the highest-paid bank chief executive in FY23, with a considerable increase of more than 62% in his salary in fiscal year 2023, reaching 10.55 crore, according to the PTI.

According to the bank’s annual report for FY23, Jagdishan’s colleague Kaizad Bharucha, the deputy managing director of India’s largest private sector bank by assets and the world’s fourth largest bank by market capitalization as of July 2023, earned 10.03 crore for the fiscal year and emerged as the country’s second-highest grossing banker.

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Amitabh Chaudhry of Axis Bank was the second highest-paid bank CEO in FY23, receiving 9.75 crore. Sandeep Bakhshi of ICICI Bank came in second, earning 9.60 crore for the fiscal year.

Jagdishan

Uday Kotak, who owns more than 26% of Kotak Mahindra Bank, is paid a token 1 in FY23. The millionaire banker had decided to accept a token 1 as payment at the outset of the pandemic. When the sector is dealing with attrition, Kotak Mahindra Bank allegedly increased the average salary of its employees, excluding managerial talent, by 16.97%.

Employees at ICICI Bank received an 11% raise, while Axis Bank received an average 7.6% raise. According to the HDFC Bank annual report, the median salary of employees increased by 2.51% in FY23. Interestingly, the Kochi-based Federal Bank, which has the lowest attrition rates in the business, reported a 2.67% average salary increase in FY23.

The HDFC Bank CEO was paid a basic salary of 2.82 crore, allowances and perquisites of 3.31 crore, a provident fund of 33.92 lakh, and a performance incentive of 3.63 crore, according to the annual report. Jagdishan’s compensation increased by 62% over the 6.51 crore he received in FY22.

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