- Kaizad Bharucha earned Rs 17.14 crore, more than CEO Sashidhar Jagdishan's Rs 15.13 crore in FY 2026
- Bharucha's higher pay was due to a larger bonus and bigger stock option grant
- Non-executive directors received Rs 30 lakh each plus sitting fees under RBI norms
HDFC Bank's FY26 annual report also disclosed the remuneration of former part-time Chairman Atanu Chakraborty, who earned Rs 1.07 crore during the financial year before stepping down on March 18, 2026. His remuneration included Rs 48.25 lakh in proportionate fixed pay, Rs 59 lakh in sitting fees for attending Board and Committee meetings, and the use of an official and personal car. Chakraborty's total remuneration was 3.53% higher than the Rs 1.03 crore he received in FY25.
The remuneration disclosure comes as HDFC Bank's FY26 annual report showed Deputy Managing Director Kaizad Bharucha emerged as the bank's highest-paid executive, earning Rs 17.14 crore, ahead of Managing Director & CEO Sashidhar Jagdishan, who received Rs 15.13 crore during the year.
The Wider Pay Picture
Non-executive directors were paid a fixed Rs 30 lakh each for the year under the RBI's governance norms, on top of sitting fees, while outgoing part-time chairman Atanu Chakraborty drew a pro-rated Rs 50 lakh before his resignation in March 2026.
The contrast with the top of the executive bench underlines how the board structured pay differently across roles even as overall managerial compensation grew.
ALSO READ: SBI Funds IPO: State Bank Of India Cuts OFS Stake Sale To 4.89%
Rank-and-file pay told a different story to boardroom pay. Median employee remuneration across HDFC Bank's 2,11,178 permanent staff rose 11.43% during the year, well ahead of the 3.22% fixed pay increase given to Jagdishan and Bharucha alike.
Key managerial personnel as a group averaged a 12.03% hike, against 6.98% for non-managerial staff, a gap the bank attributed largely to annual increments and promotions among front-line and overseas employees.
The steepest jump of all went to company secretary Ajay Agarwal, whose fixed pay rose 46.04% following his elevation to Group Head of Secretarial and Group Oversight from April 2025.
ALSO READ: HDFC Bank Ex-Chairman Exit 'Challenging Event'; Corporate Governance Strong, Says CEO Jagdishan
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
