HDFC Bank has appointed Anup Bagchi as its Managing Director and Chief Executive Officer, following approval from the Reserve Bank of India (RBI). Bagchi will take charge on October 27, 2026, for a three-year term.
He will succeed Sashidhar Jagdishan, whose current term ends on October 26 after he decided not to seek reappointment.
In an exchange filing, HDFC Bank said the RBI had approved Bagchi’s appointment and remuneration under Section 35B of the Banking Regulation Act, 1949.
The bank’s board has also approved Bagchi’s appointment as an Additional Director, effective October 2, following a recommendation from its Governance, Nomination and Remuneration Committee. The appointment remains subject to shareholder approval.
Three decades in financial services
Bagchi brings more than three decades of experience across banking, capital markets, wealth management and insurance. He has been associated with the ICICI Group since 1992, holding roles across treasury, retail and wholesale banking, investment banking and digital financial services.
He served as Executive Director at ICICI Bank from 2017 to 2023, overseeing retail, business and rural banking before taking charge of wholesale banking. He also previously served as CEO and Managing Director of ICICI Securities.
Since June 2023, Bagchi has been Managing Director and CEO of ICICI Prudential Life Insurance.
During his tenure, ICICI Prudential Life crossed Rs 10,000 crore in Annualised Premium Equivalent (APE) for the first time in FY25. APE rose 15% year-on-year to Rs 10,407 crore, while profit after tax increased nearly 40% to Rs 1,189 crore.
HDFC Bank said Bagchi played a role in strengthening ICICI Bank’s retail franchise and driving growth while maintaining credit and cost discipline. The bank also credited him with contributing to the expansion of its retail mortgage portfolio beyond Rs 2 lakh crore.
Jagdishan to step down after six-year tenure
Bagchi’s appointment comes ahead of the end of Jagdishan’s tenure as HDFC Bank’s MD and CEO.
Jagdishan joined HDFC Bank in 1996 as a manager in the finance function and became its Chief Financial Officer in 2008. He was appointed MD and CEO in October 2020, succeeding Aditya Puri.
His decision not to seek another term will bring his six-year tenure as CEO to an end.
The leadership transition follows a period of governance-related scrutiny at the bank. In March 2026, then part-time chairman Atanu Chakraborty resigned, citing concerns over certain developments and practices that he said did not align with his personal values and ethics.
HDFC Bank subsequently appointed external law firms to examine the concerns raised in Chakraborty’s resignation letter. The firms later submitted their report, which cleared the bank of the concerns examined.
According to banking sources cited in the report, HDFC Bank had also forwarded the names of Bagchi and Deputy Managing Director Kaizad Bharucha to the RBI for consideration for the CEO position.
