Sashidhar Jagdishan, the Managing Director and Chief Executive of HDFC Bank, has not only cemented his position as a banking leader but has also emerged as the highest-paid bank CEO in India for the fiscal year 2023. With an impressive increase of more than 62% in his remuneration, reaching Rs 10.55 crore, Jagdishan’s achievements and contributions to the banking industry have garnered recognition and accolades.

His package included a basic salary of Rs 2.82 crore, allowances and perquisites of Rs 3.31 crore, provident fund of Rs 33.92 lakh, and a performance bonus of Rs 3.63 crore.

According to the bank’s annual report for FY23, Jagdishan’s co-worker Kaizad Bharucha, who is the deputy managing director of India’s largest private sector bank by assets and the fourth largest bank in the world by market capitalization, earned Rs 10.03 crore for the fiscal year, making him likely to be the second-highest earning banker in the nation.

His journey at HDFC bank

Starting as the Chief Financial Officer in 2008, he gradually ascended the ranks, eventually being appointed as the “Strategic Change Agent of the Bank” in 2019. This role allowed him to align HDFC Bank with its strategic objectives, steering it towards new horizons of growth and innovation.

His profound experience of 30 years, including an impressive 24-year tenure at HDFC Bank, has equipped him with the insights and knowledge crucial for the bank’s remarkable success. Holding a Master’s degree in Economics of Money Banking & Finance from the University of Sheffield, UK, and being a qualified Chartered Accountant, Jagdishan’s educational background has been instrumental in shaping his financial acumen.

Before his significant journey with HDFC Bank, Jagdishan gained valuable experience during his three-year stint with Deutsche Bank AG in Mumbai. This experience further honed his skills and insights into the intricacies of the banking sector, preparing him for the leadership role he would eventually assume.

At the helm of HDFC bank

His contributions to HDFC Bank extend beyond financial accomplishments. His leadership played a pivotal role in HDFC Bank’s market capitalization reaching a staggering Rs 12,47,000 crore as of August 4, 2023, making it the world’s fourth-largest bank by market capitalization. Under his guidance, the bank has achieved remarkable milestones and sustained growth.

Achievements

Furthermore, Jagdishan’s recognition extends beyond the boardroom. He was honored with the Best CFO in the banking sector at the CNBC TV18 CFO Awards 2013-14, showcasing his financial prowess and acumen. In 2019, he received the prestigious title of Best CFO by a special jury at the Third The Financial Express CFO Awards.

Challenges

However, his success hasn’t come without challenges. The bank faced increased attrition in the last financial year, particularly among non-supervisory staff, which Jagdishan attributed to a post-COVID phenomenon. This trend underscores the evolving expectations of the younger workforce and their recalibration of priorities.

Jagdishan’s leadership and strategic vision continue to shape HDFC Bank’s trajectory, building upon the legacy left by his predecessor, Aditya Puri. Puri, a prominent figure who led the bank since its inception, handed over the reins to Jagdishan in 2020. Since then, Jagdishan has led HDFC Bank with an unyielding commitment to growth and excellence.