India's Highest-Paid Banker Made ₹10.55 Cr Last Year: Here's A Breakdown Of His Earnings

Already a well-known figure in the financial realm, Sashidhar Jagdishan has now claimed the title of the highest-paid bank CEO for FY23. Disclosures from annual reports show that the banker made a remarkable ₹10.55 crore in the year, catapulting him to the top of the earnings ladder. Having assumed the role of HDFC Bank’s CEO in 2020, Jagdishan’s meteoric rise has been nothing short of awe-inspiring.

The Nitty-Gritty of Jagdishan’s Compensation

Parsing through the bank’s annual report, we uncover the components of Jagdishan’s remuneration package. Alongside a basic salary of ₹2.82 crore, he reaped the benefits of allowances and perquisites amounting to ₹3.31 crore. The breakdown also features a provident fund amounting to Rs 33.92 lakh and a hefty performance bonus of ₹3.63 crore. Notably, his total earnings have surged by a remarkable 62% compared to his previous annual haul of ₹6.51 crore in 2021-22.

A Remarkable Journey at HDFC Bank

The year 1996 marked the inception of Jagdishan’s illustrious association with HDFC Bank, beginning as a manager in the finance department. His indispensable contributions over the years have played a pivotal role in the bank’s soaring growth. Presently, he steers the course of India’s largest private sector lender, with a colossal market capitalisation of around ₹12.5 lakh crore. On Monday, HDFC Bank’s share price stood at ₹1,652.75.

Sashidhar Jagdishan’s Profile

Born in Mumbai, Jagdishan’s professional prowess spans 30 years, including an illustrious 24-year tenure at HDFC Bank. In 2020, he ascended to the coveted position of managing director and CEO of the esteemed institution. Before his HDFC venture in 1996, he honed his craft during a noteworthy three-year stint at Deutsche Bank AG in Mumbai. His academic credentials include a bachelor’s degree in Science (Physics) from Mumbai University and a distinguished qualification as a Chartered Accountant. Notably, he also holds a coveted Master’s degree in Economics of Money, Banking, and Finance from the esteemed University of Sheffield in the UK.

Gauging Top Management Remuneration

In a striking comparison with other executives, Jagdishan stands tall with a remuneration package that towers 150 times over the average salary of an HDFC Bank employee, as per reports by PTI. Noteworthy during the same period is the bank’s average pay hike of 2.51%.

Editor’s Note: Artificial intelligence was used as a secondary aid in the writing of this story.