Hard work, ambition, and vision have propelled these business titans to the top five of the highest-paid bank CEOs in FY2023. These are C-level executives from top banks in India whose contribution has been monumental in the growth of the company. Here’s a look at their education, salary and lifestyle:
Sashidhar Jagdishan, MD and CEO, HDFC Bank
He 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 Rs 10.55 crore, as per PTI reports.
According to The Economic Times, Jagdishan, who succeded Aditya Puri as MD in 2020, has worked for HDFC Bank for a total of 24 years. According to the annual report, his compensation package comprises a base salary of Rs 2.82 crore, allowances and perquisites of Rs 3.31 crore, and a performance incentive of Rs 3.63 crore. The CEO received Rs 1.05 crore in cash variable remuneration for the fiscal year 2020-2021.
Sashidhar Jagdishan is a Science graduate (Physics) from Mumbai University, and a qualified Chartered Accountant. He also holds a Master’s degree in Economics of Money, Banking, and Finance from the University of Sheffield, UK.
Amitabh Chaudhry, CEO, Axis Bank
The second highest-paid bank CEO in FY23, receiving Rs 9.75 crore which was a . Under his leadership, Axis Bank is implementing a well-planned multi-year transformation programme that is projected to catapult the bank to the country’s foremost financial institution.
He is an engineer from Birla Institute of Technology and Science, Pilani, and pursued post-graduation in business management from the Indian Institute of Management Ahmedabad.
Sandeep Bakhshi, CEO, ICICI Bank
The CEO of ICICI Bank took home Rs 9.60 crore for the fiscal year. Since 1986, Bakhshi has been a part of the ICICI group. In April 2002, he was appointed MD and CEO of ICICI Lombard General Insurance. From August 2010 until June 2018, he was also the MD and CEO of ICICI Prudential Life Insurance. He was a Wholetime Director and the Bank’s Chief Operating Officer (COO) prior to his appointment as MD and CEO of ICICI Bank. This year Bakshi had a 35% hike as compared to previous year.
He earned a degree in mechanical engineering from Punjab Engineering College, Chandigarh, and has a postgraduate degree in management from XLRI – Xavier School of Management, Jamshedpur.
Uday Kotak, CEO, Kotak Mahindra Bank
Uday Kotak who owns more than 26% of Kotak Mahindra Bank, opted to forego his fixed salary and accepted a token salary of Rs 1 for the financial year 2022-23.
He earned a bachelor’s degree from Sydenham College and completed a postgraduate degree in management studies in 1982 from Jamnalal Bajaj Institute of Management Studies.
