How Much Does HDFC Bank’s New CEO Earn?
HDFC Bank Ltd.'s annual report for 2020-21 is the first from the lender not signed-off on by longtime chief executive Aditya Puri, who stepped down during the course of the year. Puri, though, got pride of place in this document too with a note of “Thank You” to kick off the report.
From here on, it's over to Sashidhar Jagdishan.
How much is Jagdishan getting paid to run the country's largest private bank?
The annual report doesn't clearly disclose this since Jagdishan took over mid-year but a rough back-of-the-envelope calculation suggests he's taking home a little more than Rs 7 crore for the top job in banking.
Jagdishan's gross salary in FY20 was reported at Rs 2.9 crore.
The FY21 annual report discloses that he got a 6.6% hike in FY21 in his previous role as group head of the bank. That would take his salary in his previous role to Rs 3.09 crore.
For FY21, the annual report discloses that the payout to Jagdishan was at Rs 4.77 crore during the year. This includes theseven months for which he was group head, where he would have been paid out Rs 1.8 crore. The earnings of Rs 2.97 crore for the remaining five months as chief executive peg his salary at about Rs 7.13 crore.
The gross salary doesn't include any stock options and bonuses that may be due to Jagdishan in his previous and current roles.
Aditya Puri's FY20 Salary Hike Awaits Approval
The annual report also discloses the proposed salary hikes for Aditya Puri and Executive Director Kaizad Barucha for FY21 are awaiting RBI approval.
The bank's previous annual report had shown that Puri's salary rose to Rs 15.92 crore in FY20 compared to Rs 10.73 crore in FY19 and Rs 7.62 crore in FY18. With perquisites, gross salary rose to Rs 18.12 crore from Rs 13 crore last year and Rs 9 crore a year before.
The remuneration tables in the annual report suggest a 39% increase in gross salary. Although, in another section of the annual report, the increase in salary had been listed as 20%.
That hike is pending approval.
The ratio of Puri's salary to the median salary across the bank was 282:1, as disclosed by the lender last year.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
