HDFC Bank has appointed former ICICI Bank executive director Anup Bagchi as its new Managing Director (MD) and Chief Executive Officer (CEO) for a three-year term. The bank announced the appointment on Thursday, confirming that Bagchi will take charge on October 27, 2026.
He will succeed Sashidhar Jagdishan, whose tenure as HDFC Bank’s MD and CEO will end on October 26.
The appointment has received approval from the Reserve Bank of India (RBI), which has also approved the remuneration payable to Bagchi for his three-year term.
HDFC Bank said Bagchi has additionally been appointed as an Additional Director of the Bank (ADB) with effect from October 2. His appointment will remain in place until shareholder approval is obtained in accordance with the Companies Act, 2013.
RBI Approves Bagchi’s Three-Year Appointment
According to HDFC Bank’s statement, the RBI approved Bagchi’s appointment on October 1, 2026, following an application submitted by the bank. His three-year term as MD and CEO will officially begin on October 27, 2026.
The approval has been granted under Section 35B of the Banking Regulation Act, 1949.
The development follows HDFC Bank’s earlier communication dated September 12, in which the bank had informed the exchanges about the proposed leadership transition.
Who Is Anup Bagchi?
Bagchi, 55, has more than three decades of experience in the financial services industry. He holds an engineering degree from IIT Kanpur and a management degree from IIM Bangalore.
A significant part of his career was spent with ICICI Bank, where he served as Executive Director from 2012 to 2023. During his tenure, ICICI Bank became the first private sector bank in India to cross a retail mortgage portfolio of Rs 2 lakh crore.
Bagchi has also held senior leadership positions across several ICICI Group companies. He served as Managing Director and CEO of ICICI Securities and ICICI Prudential Life Insurance. He was also chairman of ICICI Prudential Asset Management Company and served as a director of ICICI Prudential Pension Funds Management Company and ICICI Home Finance.
Jagdishan to Step Down After Six Years
Bagchi will take over from Sashidhar Jagdishan, who became HDFC Bank’s MD and CEO in October 2020.
Jagdishan had earlier communicated his decision not to seek another term in the position. HDFC Bank had credited him with leading the bank through a significant period of growth and stability, including the completion of its major merger.
The bank’s board had also acknowledged Jagdishan’s contribution to the institution and his role in completing one of the largest mergers in India’s corporate sector.
Disclaimer
This article is intended for general informational purposes only and is based on information provided in HDFC Bank’s official communication. Corporate appointments, regulatory approvals and related details may be subject to further updates or shareholder processes.