Mindtree founder Subroto Bagchi has donated hundreds of crores but a Re 1 SBI cheque is his 'biggest wealth of life'

Economic Times

09-07-2025

Mindtree co-founder Subroto Bagchi called a symbolic Re 1 salary from the Odisha government the greatest wealth of his life. (Image: X/@skilledinodisha)
In a world where success is often measured by wealth, titles, and accolades, Mindtree co-founder Subroto Bagchi has reminded us that true wealth lies far beyond the confines of a bank account. In a deeply emotional and thought-provoking post on social media platform X (formerly Twitter), Bagchi shared a picture of an old-fashioned paper cheque issued by the State Bank of India. Its value? Just Re 1. But to him, it's priceless.
The cheque, was not for services rendered to a corporation or startup. It was his last salary as Chief Advisor to the Government of Odisha for Institution and Capacity Building—a role he served in for eight years. For each of those years, Bagchi accepted a symbolic salary of Re 1, never seeking financial reward for his public service.
'What is the biggest wealth in this one life that I would never ever part with?' Bagchi wrote, reflecting on the journey. 'For every year of the work I did with the government, the deal was that they paid me Re 1. For the 8 years out there, I got 8 cheques and this one here was my last salary drawn.' Bagchi is best known as the co-founder of Mindtree, a globally respected IT and consulting firm. Over the years, he has earned accolades for his leadership, vision, and philanthropy. But despite his financial success—he and his wife Susmita have pledged hundreds of crores for causes like cancer care and skill development—it's this small cheque that he treasures most. It symbolizes his belief that service to one's people can be its own profound reward.Over the years, his journey has taken many forms — from a private-sector professional to an IT entrepreneur, an author of business books, and eventually, a public servant. One of the defining milestones of his career was co-founding Mindtree in 1999. He began my tenure there as the Chief Operating Officer, and over the course of next two decades, he rose to become the Executive Chairman. His time at Mindtree came to a close in 2016, and just a few years later, in 2019, the company was acquired by Larsen & Toubro (L&T). Following its eventual merger with L&T's IT subsidiary, the new entity emerged as LTIMindtree.
In 2016, following an invitation from Naveen Patnaik, then Chief Minister of Odisha, he embraced a new chapter in public service as the Chairman of the Odisha Skill Development Authority. During the pandemic, he also served as the government's chief spokesperson on Covid-19, helping communicate crucial information during a time of crisis. — skilledinodisha (@skilledinodisha)
The post quickly went viral, striking a chord with netizens who praised Bagchi's humility and values. 'Your gesture is a lotus in the mud of public virtue—its fragrance best left unannounced,' one user wrote poetically. Another commented, 'We need more people like Subroto Bagchi in Odisha who are successful in their fields and committed to contributing to our beloved state in whatever way they can.'
Many described him as a rare example of ethical leadership in an era increasingly dominated by personal gain and performative virtue signaling. 'True selfless service, sir. A rarity in today's world. Thank you for your great service to Odisha,' read another comment. Bagchi's Re 1 cheque may be small in amount, but it carries the weight of a powerful message: that public service, when done with integrity, is itself the highest compensation. It evokes a time when symbolic salaries were a mark of honor, not just optics. In an era where monetary success is worn as a badge of importance, Bagchi's decision to treasure a Re 1 cheque over all else is both radical and humbling.
Subroto Bagchi's journey from a clerk in Odisha's Industries Department to co-founding a billion-dollar tech firm and returning to serve his state for Re 1 a year, captures a rare arc of ambition anchored in humility. His decision to value a symbolic cheque over corporate millions reaffirms that leadership is not about power, but about purpose.
( Originally published on Jul 06, 2025 )