Outlook Business Desk
Sashidhar Jagdishan, Managing Director and Chief Executive Officer of HDFC Bank, became India’s top-paid banker in FY25. His total salary exceeded ₹12 crore, marking a 12% increase from the previous year.
Jagdishan was granted 2.12 lakh shares under the Employee Stock Option Plan (ESOPs). At ₹2,000 per share, the stock is valued at over ₹42.4 crore, significantly boosting his overall compensation.
Amitabh Chaudhry, Managing Director and Chief Executive Officer of Axis Bank, earned ₹9.11 crore in FY25 — down 5.4% from last year. However, he received 2.59 lakh stock options worth over ₹30 crore at present market prices.
Ashok Vaswani, Managing Director and Chief Executive Officer of Kotak Mahindra Bank, earned nearly ₹13 crore in FY25. In addition, he was granted 18,580 shares under ESOPs , valued at over ₹4 crore based on the current market price.
V Vaidyanathan, Managing Director and Chief Executive Officer of IDFC First Bank, earned ₹5.54 crore in FY25, marking a 4.5% yearly increase. He was also granted 24.2 lakh shares under ESOPs , currently valued at nearly ₹18 crore.
Sandeep Bakhshi, Managing Director and Chief Executive Officer of ICICI Bank, received a salary of ₹9.96 crore in FY24. However, the bank has yet to disclose his remuneration details for FY25, which are currently awaited by the market.
Overall, top executives at major private banks saw only modest salary hikes in FY25, as the Reserve Bank of India maintains strict oversight. The RBI’s approval is required for CEO salaries, bonuses, and stock option grants across banks.