Kaizad Bharucha, executive director of HDFC Bank, emerged the highest earning banker for 2021-22 (FY22).
This was revealed in a remuneration assessment of the country’s top bankers, according to annual reports.
Bharucha, who oversees wholesale banking at HDFC Bank, received Rs 10.64 crore remuneration in FY22, mainly due to Rs 4.46 crore as performance bonus.
Although earned between 2017-18 and 2020-21 (FY21), the bonus payout was partly paid in FY22.
Bharucha received an 8 per cent increase on fixed pay effective April 1, 2020 — the approval for which was received on March 23.
“The components considered for fixed pay increase were basic, consolidated allowances, leave travel allowance, provident fund, superannuation, and gratuity.
"There was no increase given on perquisites,” said HDFC Bank’s annual report.
Fifty-seven-year-old Bharucha has over 35 years of experience and has been with the bank since 1995.
In his current role as executive director, he is responsible for wholesale banking, covering areas of corporate banking, public sector undertaking, capital and commodities markets, financial institutions, custody, mutual funds, among others.
Prior to joining HDFC Bank, he was associated with SBI Commercial and International Bank in areas including trade finance and corporate banking.
In the past two years under Bharucha, HDFC Bank increased its wholesale mix-to-retail to 55 per cent, as of March, from 45 per cent.
Sashidhar Jagdishan, managing director (MD) and chief executive officer (CEO) of HDFC Bank, received a remuneration of Rs 6.51 crore.
FY22 was the first full year of the HDFC Bank CEO who took charge in October 2020.
Amitabh Chaudhry of Axis Bank was the highest paid MD and CEO among bankers in FY22.
Chaudhry received a total remuneration of Rs 7.63 crore in FY22, of which Rs 89 lakh was variable pay.
Chaudhry was followed by Sumant Kathpalia, MD and CEO, Indusind Bank, who received Rs 7.3 crore in FY22 as remuneration.
Sandeep Bakhshi, MD and CEO of ICICI Bank, received a remuneration of Rs 7.08 crore in FY22.
Bakhshi voluntarily relinquished his remuneration in FY21 due to the Covid-19 pandemic.