Mumbai: HDFC Bank has appointed Anup Bagchi as its new Managing Director and Chief Executive Officer after receiving approval from the Reserve Bank of India.
Bagchi, currently MD and CEO of ICICI Prudential Life Insurance, will take charge on October 27, 2026, for a three-year term.
Bagchi To Succeed Sashidhar Jagdishan
Bagchi will succeed Sashidhar Jagdishan, whose current term ends on October 26. Jagdishan had earlier decided not to seek reappointment and will retire from the bank after completing his term.
The RBI approved Bagchi’s appointment and remuneration under Section 35B of the Banking Regulation Act, 1949.
Following the RBI clearance, HDFC Bank’s board approved his appointment as an Additional Director with effect from October 2 until shareholders approve his appointment.
Banking sources said HDFC Bank had forwarded the names of Bagchi and Deputy Managing Director Kaizad Bharucha to the RBI for the top position.
Over Three Decades Of Experience
Bagchi brings more than three decades of experience across banking, insurance, capital markets, wealth management and financial services.
He has been associated with the ICICI Group since 1992 and has worked across treasury, retail banking, wholesale banking, investment banking and digital financial services.
Bagchi previously served as MD and CEO of ICICI Securities and as Executive Director of ICICI Bank. He was Executive Director at ICICI Bank between 2017 and 2023, handling businesses including retail, rural, business and wholesale banking.
He currently heads ICICI Prudential Life Insurance.
IIM Bangalore, IIT Kanpur Alumnus
Bagchi holds a management degree from the Indian Institute of Management Bangalore and an engineering degree from the Indian Institute of Technology Kanpur.
His appointment comes after a leadership selection process at India’s largest private sector bank and marks an important change at the top of HDFC Bank.
