With ₹10.55 crore pay, HDFC Bank's Sashidhar Jagdishan is highest paid bank CEO in FY23

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HDFC Bank's Managing Director and Chief Executive, has emerged as the highest-paid bank chief executive in FY23, with a significant increase of more than 62% in his remuneration in fiscal year 2023, reaching ₹10.55 crore, the PTI reported. Jagdishan's colleague Kaizad Bharucha, the deputy managing director of India’s largest private sector bank by assets and world's fourth largest bank by market capitalisation as of July 2023, drew ₹10.03 crore for the fiscal year and emerged as likely to be the second-highest grossing banker in the country, according to according to the bank's annual report for FY23.

Amitabh Chaudhry of Axis Bank was the second highest-paid bank CEO, with ₹9.75 crore as payout in FY23. Chaudhry was closely followed by Sandeep Bakhshi of ICICI Bank, who drew ₹9.60 crore for the fiscal year.

Uday Kotak, who holds over 26% of Kotak Mahindra Bank, takes a token ₹1 as remuneration in FY23. The billionaire banker had taken a decision to take a token ₹1 as remuneration in the start of the pandemic.

The Kotak Mahindra Bank reportedly gave a 16.97% increase in the average remuneration to its staffers excluding the managerial talent, when the sector is grappling with the attrition problem. The employees at ICICI Bankwere given an 11% hike, the Axis Bank gave an average hike of 7.6%, The HDFC Bank annual report also mentioned that the median remuneration of employees saw a modest increase of 2.51% in FY23.

Interestingly, the Kochi based Federal Bank having the lowest attrition rates in the industry reported an average pay hike of only 2.67% in FY23. When we compare the top management’s median remuneration, Sashidhar Jagdishan of HDFC Bank topped the list, drawing 150 times the average HDFC Bank employee, he was