HDFC Bank has appointed Anup Bagchi as its new Managing Director and Chief Executive Officer for a three-year term, marking a major leadership transition at India’s largest private-sector bank.
The appointment has been approved by the Reserve Bank of India, with Bagchi set to take charge from October 27, 2026.
Anup Bagchi To Replace Sashidhar Jagdishan
Bagchi will succeed Sashidhar Jagdishan, whose current term as HDFC Bank’s MD and CEO ends on October 26.
Jagdishan had informed the bank’s board in August that he would not seek another term, triggering a closely watched succession process.
Bagchi will formally serve as MD and CEO from October 27, 2026, through October 26, 2029, subject to shareholder approval.
RBI Approves Three-Year Appointment
The RBI has approved both Bagchi’s appointment and his remuneration under the applicable banking regulations.
Following the approval, HDFC Bank’s board appointed Bagchi as an Additional Director with effect from October 2.
His appointment as MD and CEO for three years was subsequently approved by the board, based on the recommendation of the Governance, Nomination and Remuneration Committee.
Shareholder approval will also be required under the Companies Act.
Bagchi Comes With More Than Three Decades Of Experience
Bagchi currently serves as Managing Director and CEO of ICICI Prudential Life Insurance, a position he has held since June 2023.
He has more than three decades of experience across banking, capital markets, wealth management and insurance.
Bagchi has been associated with the ICICI Group since 1992 and previously held senior positions at ICICI Bank and ICICI Securities.
At ICICI Bank, he served as an Executive Director between 2017 and 2023, overseeing areas including retail, business and rural banking as well as wholesale banking.
He later served as Managing Director and CEO of ICICI Securities.
First External CEO In HDFC Bank’s History
Bagchi’s appointment is notable because he becomes the first external candidate to take charge as HDFC Bank’s MD and CEO since the bank was established.
HDFC Bank had earlier submitted two names to the RBI for consideration for the top position. The other candidate was reportedly the bank’s Deputy Managing Director Kaizad Bharucha.
The RBI ultimately approved Bagchi’s appointment.
Major Leadership Transition For HDFC Bank
Bagchi takes charge at a time when HDFC Bank is continuing to integrate and operate its significantly expanded business following the merger with HDFC Ltd.
The bank has also been undergoing changes across its senior leadership and board.
The new CEO will therefore inherit a large banking franchise facing the challenges of deposit growth, lending expansion, funding costs, margins and integration following the merger.
Bagchi’s New Role Begins October 27
With the RBI approval now in place, the leadership transition at HDFC Bank has a clear timeline.
Jagdishan will complete his tenure on October 26, after which Bagchi will assume the MD and CEO position the following day.
The three-year appointment will run until October 26, 2029, subject to the required shareholder approval.
Summary
HDFC Bank has appointed Anup Bagchi as its new Managing Director and CEO for three years starting October 27, 2026. Bagchi, currently MD and CEO of ICICI Prudential Life Insurance, will succeed Sashidhar Jagdishan. The RBI has approved his appointment and remuneration. Bagchi has more than three decades of experience across banking, capital markets, wealth management and insurance.
