IndusInd Bank staff earning over ₹1 crore more than double in five years

The number of employees at IndusInd Bank fell by 663 in FY25, but those earning at least ₹1.02 crore annually rose 16.2% to 122. This count has more than doubled over the past five years, from 58 in FY21. While the bank’s total headcount has grown at an annualised rate of 8% over the last five years, the number of ₹1.2-crore-plus earners has risen faster, at 11.4% a year.According to the bank’s latest annual report, 17 such high earners were added in FY25, compared with just four in the previous year. Additionally, 33 high-earning employees joined mid-year, each drawing an average monthly salary of over ₹8.5 lakh. Data further shows that, barring FY21, every year has seen a rise in top-paid executives, even in years like FY21 and FY25 when the total headcount fell. In contrast, when the bank hired 7,500 people in FY24, the high-paid category rose by just four.

As of March 2025, IndusInd Bank employed 44,974 people, including 36,147 men and 8,827 women. “We closed the year with 44,974 employees. While our net headcount was optimised to reflect market realities, we maintained strategic hiring in priority areas such as risk, compliance, technology, vehicle finance, and NRI banking. At the same time, we redeployed internal talent and enabled job rotations to strengthen cross-functional exposure,” the bank said in its annual report.

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The private lender did not cite any reason for the sharp rise in high earners during the year. Meanwhile, former Managing Director and CEO Sumant Kathpalia, who resigned in April, drew ₹7.5 crore in FY25 — unchanged from the previous year.The increase in top earners also pushed the bank’s employee costs up 10.42% to ₹4,301 crore in FY25, while the median fixed remuneration rose by about 7.3%. Net profit slumped 70.5% to ₹2,643 crore, dragged down by higher provisioning for discrepancies in “Other Asset” and “Other Liability” accounts in its derivatives portfolio.

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IndusInd Bank is now set to induct Rajiv Anand, former Deputy Managing Director of Axis Bank, as its new MD and CEO from August 25, 2025, to August 24, 2028, subject to shareholder approval. Anand will take charge at a time when the bank is grappling with issues stemming from alleged irregularities by top management in recognising bad loans and trading reversals.