Mumbai, India —: HDFC Bank, India’s largest private-sector lender, has appointed veteran financial-services executive Anup Bagchi as its new Managing Director and Chief Executive Officer (MD & CEO) after receiving approval from the Reserve Bank of India (RBI).
Bagchi will officially take charge on October 27, 2026, for a three-year term. He will succeed Sashidhar Jagdishan, whose current term as HDFC Bank’s MD and CEO ends on October 26.
The appointment marks a significant leadership transition for HDFC Bank. Bagchi is an experienced executive with more than three decades of experience across banking, capital markets, wealth management and insurance.
RBI Gives Approval for Three-Year Term
According to HDFC Bank’s regulatory filing, the RBI approved Bagchi’s appointment and the remuneration payable to him under Section 35B of the Banking Regulation Act, 1949, for a period of three years beginning October 27, 2026.
Following the RBI approval, HDFC Bank’s board approved Bagchi’s appointment as an Additional Director, effective October 2, 2026. His appointment as MD and CEO remains subject to approval by the bank’s shareholders under the Companies Act, 2013.
Who Is Anup Bagchi?
Anup Bagchi, 56, is a veteran of the ICICI Group and has been associated with the group since 1992. His career has included senior roles spanning treasury, retail banking, wholesale banking, investment banking, digital financial services and insurance.
He currently serves as Managing Director and CEO of ICICI Prudential Life Insurance. Before joining the insurer, Bagchi was an Executive Director at ICICI Bank from 2017 to 2023. During that period, he oversaw businesses including retail, business and rural banking before moving to wholesale banking.
He has also served as Managing Director and CEO of ICICI Securities, giving him substantial experience in the capital-markets business.
IIT Kanpur and IIM Bangalore Graduate
Bagchi has a strong academic background. He holds an engineering degree from the Indian Institute of Technology (IIT) Kanpur and a management degree from the Indian Institute of Management (IIM) Bangalore.
His educational and professional background spans banking, insurance, capital markets and financial technology, areas that are increasingly important for large financial institutions.
Experience at ICICI Group
During his career at ICICI Bank, Bagchi worked across several major banking businesses, including retail banking, MSME banking, corporate banking, treasury, credit policy and data analytics.
HDFC Bank’s official profile says that during his tenure as Executive Director of ICICI Bank, he played a role in strengthening the bank’s retail franchise. The bank also says ICICI Bank’s retail mortgage portfolio crossed ₹2 trillion during his tenure.
At ICICI Prudential Life Insurance, where Bagchi has served as MD and CEO since June 2023, the company crossed ₹10,000 crore in annualized premium equivalent for the first time in fiscal year 2025. According to HDFC Bank, APE increased 15% year over year to ₹10,407 crore, while profit after tax rose nearly 40% to ₹1,189 crore.
Bagchi to Succeed Sashidhar Jagdishan
Bagchi will take over from Sashidhar Jagdishan, who has led HDFC Bank as MD and CEO since 2020. Jagdishan decided not to seek another term, setting the stage for a leadership transition at the lender.
The transition comes as HDFC Bank continues to focus on growth, operational efficiency and strengthening its position in India’s highly competitive banking sector.
First External Candidate for the Top Job
Bagchi’s appointment is also notable because he is an external candidate rather than a senior executive promoted from within HDFC Bank.
According to Reuters, this is the first time HDFC Bank has selected an outside candidate for its top executive position. Bagchi brings experience from one of HDFC Bank’s major private-sector banking rivals, ICICI Bank, as well as from ICICI Securities and ICICI Prudential Life Insurance.
What Challenges Will the New CEO Face?
Bagchi will take charge at a time when HDFC Bank is navigating several business and leadership priorities.
Among the issues facing the bank are maintaining growth, improving core income, managing net interest margins, strengthening deposits and ensuring efficient integration and execution across its large banking operations.
Recent reports have also highlighted governance and leadership changes at the bank. HDFC Bank is therefore entering Bagchi’s tenure with a broader transition underway at the senior-management and board levels.
Shareholders Still Need to Approve the Appointment
Although the RBI has approved Bagchi’s appointment and HDFC Bank’s board has approved the move, the appointment as MD and CEO is still subject to shareholder approval under the Companies Act, 2013.
Once the necessary approvals are completed, Bagchi will formally assume the MD and CEO position on October 27, 2026.
Bottom Line
Anup Bagchi’s appointment brings an experienced banking and financial-services executive to the top of HDFC Bank. With more than 30 years of experience at ICICI Group companies, leadership roles in banking and insurance, and academic credentials from IIT Kanpur and IIM Bangalore, Bagchi will lead HDFC Bank into its next phase beginning October 27.
His three-year tenure will come at an important time for the lender as it works through a leadership transition while focusing on growth, profitability, operational execution and governance.
