The annual pay package of HDFC Bank's managing director and chief executive officer Sashidhar Jagdishan rose by around 12 percent to Rs 12.08 crore during financial year 2024-25, as against an annual remuneration of Rs 10.79 crore a year ago, according to the annual report.
As per the annual report, Jagdishan's pay package includes basic salary of Rs 3.09 crore, allowances and perquisites of Rs 3.46 crore and performance bonus amounting to Rs 4.67 crore.
HDFC Bank's CEO was paid 50 percent of the cash variable pay for the Performance Year 2023-24 (total cash variable pay approved by RBI was Rs 5.25 crore), or Rs 2.63 crore. This is in accordance with RBI's guidelines and was paid in January 2025, as per the annual report.
Meanwhile, Kaizad Bharucha, the deputy managing director of the bank was paid Rs 11.01 crore in FY25 as compared to Rs 11.13 crore in FY24. Bharucha's basic salary, allowances and perquisites, and performance bonus as on March 31, 2025 were at Rs 2.81 crore, Rs 3.25 crore and Rs 4.19 crore respectively.
Bharucha was granted a total quantum of 1.30 lakh employee stock options on May 10, 2025 for the performance year 2023-24.
The annual report added that 4.77 lakh employee stock options were granted for the period 2020-2023, i.e. for the period before his appointment as an Executive Director of the bank and as a one-time grant for his performance as an Executive Director of HDFC Limited (i.e. prior to the amalgamation of HDFC Limited with and into the Bank w.e.f July 1, 2023.), and 1.26 lakh ESOPs were granted for the performance year 2023-24.
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