HDFC Bank Appoints Anup Bagchi as MD and CEO From October 27 for 3-Year Term

HDFC Bank has appointed Anup Bagchi as its new Managing Director and Chief Executive Officer for a three-year term beginning October 27, 2026, marking a key leadership transition at India’s largest private-sector lender. The appointment follows approval from the Reserve Bank of India (RBI), the bank said in a regulatory filing on Thursday.

The bank’s board approved Bagchi’s appointment at its meeting on October 1, based on the recommendation of its Governance, Nomination and Remuneration Committee. His appointment as MD & CEO will remain subject to approval from the bank’s shareholders under the Companies Act, 2013. Bagchi will succeed Sashidhar Jagdishan, whose current term as HDFC Bank’s MD & CEO ends on October 26, 2026. Jagdishan had informed the board in August that he would not seek reappointment. HDFC Bank Appoints Jimmy Tata as Director; Board Sends MD and CEO Names to RBI.

Anup Bagchi to Join HDFC Bank Board

In addition to his appointment as MD & CEO, the HDFC Bank board has approved Bagchi’s appointment as an Additional Director with effect from October 2, 2026, subject to shareholder approval. His three-year term as MD & CEO will run from October 27, 2026, to October 26, 2029. The bank said the appointment, including remuneration and other terms and conditions, will be in accordance with those approved by the RBI. The RBI approved Bagchi’s appointment and remuneration on October 1 under Section 35B of the Banking Regulation Act, 1949.

Who Is Anup Bagchi?

Bagchi is a veteran of the ICICI Group and has more than three decades of experience across banking and financial services. He joined the ICICI Group in 1992 and has held senior positions spanning retail banking, corporate banking, investment banking, treasury and other financial services businesses. He has also served as Managing Director and CEO of ICICI Securities and as an Executive Director at ICICI Bank.

At ICICI Bank, Bagchi was appointed Executive Director in 2017 and handled responsibilities including wholesale banking, transaction banking, markets and proprietary trading. In 2023, he moved to the insurance sector and became Managing Director and CEO of ICICI Prudential Life Insurance. He formally took charge of the insurer in June 2023 and currently holds the position. HDFC Bank Opening Bell Updates: New Compliance Chief, Legal Counsel Appointed.

Leadership Transition at HDFC Bank

Bagchi's appointment comes as HDFC Bank prepares for the end of Jagdishan's tenure. Jagdishan became the bank's MD & CEO in October 2020 after succeeding Aditya Puri and was reappointed in 2023. His current term is scheduled to conclude on October 26. HDFC Bank had earlier submitted candidates to the RBI as part of the succession process. Bagchi's appointment now provides clarity on the bank's next chief executive ahead of the leadership transition later this month.

The appointment also brings Bagchi back to mainstream banking after his three-year stint at ICICI Prudential Life Insurance. The RBI had sought feedback on his candidature during its consideration of the appointment, given his transition from banking to insurance in 2023.

(The above story first appeared on LatestLY on Oct 01, 2026 07:00 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).