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<\/figure>\n\n\n\nThe appointment has been approved by the Reserve Bank of India, with Bagchi set to take charge from October 27, 2026.<\/p>\n\n\n\n
Anup Bagchi To Replace Sashidhar Jagdishan<\/strong><\/p>\n\n\n\n Bagchi will succeed Sashidhar Jagdishan, whose current term as HDFC Bank’s MD and CEO ends on October 26.<\/p>\n\n\n\n Jagdishan had informed the bank’s board in August that he would not seek another term, triggering a closely watched succession process.<\/p>\n\n\n\n Bagchi will formally serve as MD and CEO from October 27, 2026, through October 26, 2029, subject to shareholder approval.<\/p>\n\n\n\n RBI Approves Three-Year Appointment<\/strong><\/p>\n\n\n\n The RBI has approved both Bagchi’s appointment and his remuneration under the applicable banking regulations.<\/p>\n\n\n\n Following the approval, HDFC Bank’s board appointed Bagchi as an Additional Director with effect from October 2.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Shareholder approval will also be required under the Companies Act.<\/p>\n\n\n\n Bagchi Comes With More Than Three Decades Of Experience<\/strong><\/p>\n\n\n\n Bagchi currently serves as Managing Director and CEO of ICICI Prudential Life Insurance, a position he has held since June 2023.<\/p>\n\n\n\n He has more than three decades of experience across banking, capital markets, wealth management and insurance.<\/p>\n\n\n\n Bagchi has been associated with the ICICI Group since 1992 and previously held senior positions at ICICI Bank and ICICI Securities.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n He later served as Managing Director and CEO of ICICI Securities.<\/p>\n\n\n\n First External CEO In HDFC Bank’s History<\/strong><\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n The RBI ultimately approved Bagchi’s appointment.<\/p>\n\n\n\n