 "HDFC Bank CEO Jagdishan took 62% pay hike at Rs 10.55 crore in FY23")
Sashidhar Jagdishan, the MD & CEO of HDFC Bank was paid Rs 10.55 crore as remuneration for the financial year 2022-23, according to the bank’s annual report for FY23. This includes a basic pay 2.82 crore and allowance and perquisites of Rs 3.31 crore, among others. Jagdishan had received a remuneration of Rs 6.51 crore in FY22.
Kaizad Bharucha, the deputy managing director of HDFC Bank received a remuneration of Rs 10.03 crore in FY23. Bharucha’s basic pay was 2.74 crore and allowance and perquisites was Rs 4.36 crore.
The remuneration is excluding the value of employee stock options exercised during the year.
Bharucha received Rs 10.64 crore remuneration in FY22, mainly due to Rs 4.46 crore as performance bonus. The bonus was earned in the years 2017-18 to 2020-21, which was partly paid in 2021-22.
Jagdishan was appointed as MD & CEO of HDFC Bank in October 2020 for a period of three years. Earlier this year, the board of the bank has recommended the re-appointment of Jagdishan as MD & CEO for another three years with effect from October 27, 2023, subject RBI’s approval.