Sashidhar Jagdishan, the managing director and chief executive officer of HDFC Bank, took home a remuneration of nearly Rs 10.55 crore in 2022-23 against Rs 6.51 crore in the previous fiscal, the lender’s annual report showed on Wednesday.
His package includes the basic salary of over Rs 2.82 crore, allowances and perquisites of Rs 3.31 crore and a performance bonus of Rs 3.63 crore. Moreover, Jagdishan was given a cash variable pay of Rs 1.05 crore for the performance year 2020-21.
However, this was 50 per cent of the variable pay approved by the RBI at Rs 2.10 crore. The annual report also showed that for the year 2021-22, he received a cash variable pay of Rs 2.58 crore which was 50 per cent of the cash variable approved by the central bank.
Executive director Kaizad Bharucha got a remuneration of Rs 10.03 crore.
In his address to shareholders, Jagdishan said the private sector bank is now in the midst of a technology transformation exercise that focuses both on building a bank of the future as well as running the entity in an efficient manner.
He also disclosed that in 2022-23, HDFC Bank added a record 1,479 branches, a majority of which were in the semi-urban and rural (SURU) areas. It is now planning to add another 675 this year in SURU locations which will take the total number of branches in these areas to over 5,000. Overall, the bank plans to add 1,500 to 2,000 additional branches during the year, he said.
