Meet the man who earned Rs 10 crore as salary in FY 23, works in Rs 12,63,000 crore company, not from IIT, IIM

Kaizad Bharucha, the Deputy Managing Director of the HDFC Bank, is a well-known name in the banking industry. He has more than 35 years of experience in the sector. Bharucha received annual compensation of Rs 10.3 crore in the financial year 2022-2023, according to the annual report of HDFC Bank released on July 19. He has been associated with HDFC Bank, the largest private sector lender, since 1995.

Kaizad Bharucha's salary

Bharucha's overall remuneration in FY 23, excluding stock options, was Rs 10.03 crore. His total compensation included a basic salary of Rs 2.7 crore, allowances and perquisites of Rs 4.3 crore and a performance bonus of Rs 2.2 crore. He received payments that also included the component received as part of the deferred cash variable of previous years.

His FY23 salary was a slight decrease from his previous annual salary of Rs 10.64 crore, as of March 31, 2022. HDFC is the largest private-sector lender with a market capitalisation of 12.63 trillion INR, around Rs 12,63,000 crore, as of July 22, 2023. The share price of HDFC Bank was 1,677.75 on July 21.

Who is Kaizad Bharucha?

He took charge as Deputy Managing Director of the HDFC Bank on April 19, 2023. His a career banker with more than 35 years of experience. He is with the HDFC since 1995. In his last held position as Executive Director, he was responsible for Wholesale Banking covering areas of Corporate Banking, PSUs, Custody, Mutual Funds among other things.

He represents the Bank in various interactions with regulators and government agencies. ​​Prior to joining HDFC Bank, he worked in SBI Commercial and International Bank. Bharucha holds a Bachelor's degree in Commerce (B.Com) from the University of Mumbai.

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