New Delhi, Oct. 9 -- Anup Bagchi, who is set to take charge of HDFC Bank, could become India's "highest-paid" bank CEO, with the country's largest private sector lender proposing an annual pay package of up to Rs.35.90 crore for him, according to an Economic Times report.

The proposed remuneration translates to approximately Rs.3 crore per month. The bank has reportedly cleared a one-time joining bonus worth Rs.7.35 crore in stock-linked incentives. This could bring Bagchi's total compensation to Rs.43.24 crore, subject to applicable performance benchmarks and vesting schedules.

The bank has initiated the process of obtaining shareholder consent for Bagchi's appointment and pay package. The Reserve Bank of India (RBI) has already approv...