HDFC Bank top brass get hefty FY26 pay hikes; Deputy MD's ₹17.14 crore pay package tops CEO Sashidhar Jagdishan's

HDFC Bank Managing Director and CEO Sashidhar Jagdishan’s total remuneration reached ₹15.13 crore for the financial year ended March 2026, marking a 19 percent surge from the prior fiscal, the lender's latest annual report reveals.

While Jagdishan’s basic pay held steady at ₹3.09 crore and allowances totaled ₹3.46 crore, his performance bonus skyrocketed nearly 35 percent, climbing from ₹4.67 crore in FY25 to ₹7.28 crore in FY26. His employee stock option plan (ESOP) holdings also doubled, rising from 2.12 lakh to 4.28 lakh shares. Additionally, aligned with RBI guidelines, Jagdishan received a 50 percent cash variable pay component of ₹2.67 crore for his performance in 2024-25, disbursed in January 2026.

HDFC Bank's Deputy Managing Director Kaizad Bharucha outpaced the CEO, bringing home a total remuneration of ₹17.14 crore for FY26. Recently elevated to whole-time director in January, Bharucha drew a basic salary of ₹3.59 crore, while his performance bonus witnessed a staggering 100 percent jump to ₹8.59 crore, up from ₹4.19 crore last year. Furthermore, his ESOP grants expanded fivefold, surging to 6.23 lakh from 1.30 lakh shares.

These executive compensation disclosures arrive just ahead of the private banking giant's scheduled quarterly results on July 18, and closely follow the high-profile appointment of Rajiv Kumar as its new part-time chairman last month.

Mid-term exit of ex-chairman Atanu Chakraborty

HDFC Bank's former part-time chairman Atanu Chakraborty saw his overall earnings grow by 3.53 percent to ₹1.07 crore in FY26, according to recent disclosures made by the country's largest private sector lender. The career bureaucrat, who abruptly quit towards the end of the fiscal year over ethics and governance concerns, took home ₹1,07,25,269 in total sitting fees and remuneration, up from the ₹1,03,58,871 he earned in FY25.

The bank's latest annual report highlights that Chakraborty was entitled to an RBI-approved fixed remuneration of ₹50 lakh for the fiscal year in his role as part-time chairman and independent director. The report also notes his active participation, confirming he attended all 17 board meetings held during his tenure before stepping down.

"Since Chakraborty resigned as part-time chairman and independent director of the bank with effect from March 18, 2026, such fixed remuneration was paid to him on a proportionate basis. In addition, Mr. Chakraborty was paid sitting fees for attending the Board and Committee meetings and provision of a car for official and personal use up to the date of cessation of his office i.e. March 18, 2026," the annual report said.

However, his sudden departure has cast a shadow over the bank. Managing Director Sashidhar Jagdishan acknowledged that Chakraborty's sudden resignation on March 18—over a year before his official term was set to conclude—was a highly challenging event that sparked intense scrutiny regarding the bank's internal governance standards. Marking the first time in HDFC Bank's history that a part-time chairman has vacated the post midway, the exit has triggered persistent questions about the institutional functioning of the banking giant.

"Towards the end of the Financial Year 2025- 26, the bank faced a challenging event with the resignation of Atanu Chakraborty, part-time chairman and independent director of the bank, on March 18, 2026," Jagdishan said in the annual report of the bank released on Saturday.