Mumbai, Oct 1: HDFC Bank has appointed Anup Bagchi as its Managing Director and Chief Executive Officer for a three-year term beginning October 27, 2026, following approval from the Reserve Bank of India, the bank said in a regulatory filing on Thursday.
Bagchi will succeed Sashidhar Jagdishan, whose tenure as MD and CEO will end at the close of business on October 26, marking a leadership transition at the country’s largest private sector lender.
The RBI has approved Bagchi’s appointment and the remuneration payable to him under Section 35B of the Banking Regulation Act, 1949, HDFC Bank said.
Subsequently, the bank’s board approved his appointment as MD and CEO for the period from October 27, 2026, to October 26, 2029, subject to shareholder approval. Bagchi has also been appointed as an Additional Director of the bank with effect from October 2.
Bagchi currently heads ICICI Prudential Life Insurance as its Managing Director and CEO, a position he has held since June 2023.
He has more than three decades of experience spanning banking, capital markets, wealth management and insurance. Bagchi joined the ICICI Group in 1992 and served as Executive Director of ICICI Bank from 2017 to 2023. He has also held the positions of MD and CEO at ICICI Securities.
Bagchi is an alumnus of the Indian Institute of Management Bangalore and holds an engineering degree from the Indian Institute of Technology Kanpur.
His appointment comes as HDFC Bank prepares for a change at the top following Jagdishan’s completion of his current tenure.
