HDFC Bank has appointed Anup Bagchi as its Managing Director and Chief Executive Officer (MD & CEO) for a three-year term, following approval from the Reserve Bank of India (RBI).
The RBI, through its communication dated October 1, 2026, approved Bagchi's appointment as MD & CEO of HDFC Bank and the remuneration payable to him. His three-year term will commence from Oct. 27, 2026.
The bank's Board of Directors, at its meeting on October 1, approved Bagchi's appointment as an Additional Director with effect from October 2, 2026. The appointment will continue until shareholder approval, in accordance with the Companies Act, 2013.
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The board also approved his appointment as MD & CEO for three years from Oct. 27, subject to shareholder approval and on the terms and conditions, including remuneration, approved by the RBI.
Bagchi currently serves as MD & CEO of ICICI Prudential Life Insurance and has been at the helm of the insurer for around three years, having taken charge in June 2023.
HDFC Bank had earlier submitted two names to the RBI for consideration for the MD & CEO position.
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Bagchi's appointment comes as HDFC Bank prepares for a significant transition in its senior management.
Sashidhar Jagdishan, who has served as HDFC Bank's MD & CEO, had earlier indicated that he would not seek reappointment. Jagdishan is set to retire after around 30 years with the bank.
The lender has also been reshaping its senior leadership team ahead of the transition. HDFC Bank appointed Jimmy Tata as an Executive Director in September and had earlier appointed him as a whole-time director.
The bank also reappointed V Srinivasa Rangan as a whole-time director in September.
HDFC Bank had said it would create a fourth whole-time director position, with the incoming CEO expected to hold the newly created position. The management changes come after a series of issues that have drawn attention to the bank's governance and internal processes.
Rajiv Kumar was appointed as HDFC Bank's part-time chairman on June 29. His appointment followed the resignation of former chairman Atanu Chakraborty in March. With Bagchi's appointment, the bank is set to enter a new phase under a leadership team that has been undergoing several changes over recent months.
Over Three Decades In Financial Services
Bagchi has been associated with the ICICI Group since 1992 and has held leadership positions spanning treasury, retail banking, wholesale banking, investment banking and digital financial services. He has previously served as CEO and MD of ICICI Securities and as Executive Director of ICICI Bank.
Bagchi served as Executive Director of ICICI Bank from 2017 to 2023, overseeing retail, business and rural banking before subsequently taking charge of wholesale banking.
Since June 2023, Bagchi has served as MD & CEO of ICICI Prudential Life Insurance.
During his tenure, the company crossed Rs 10,000 crore in Annualised Premium Equivalent (APE) for the first time in FY25. APE increased 15% year-on-year to Rs 10,407 crore, while profit after tax rose nearly 40% to Rs 1,189 crore.
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