Anup Bagchi, a seasoned ICICI Group veteran, has emerged as the leading contender to take the helm at HDFC Bank as its next Managing Director and Chief Executive Officer, sources told NDTV Profit. The Reserve Bank of India (RBI) is seeking feedback for Bagchi as an external candidate to lead the country's largest private lender. While the central bank appears increasingly inclined toward choosing an external candidate to lead HDFC Bank, no final decision has been reached yet.
The RBI is examining Bagchi's three-year gap from mainstream banking while seeking feedback on his candidature for the top job. Bagchi currently serves as the MD and CEO of ICICI Prudential Life Insurance since 2023. Prior to that, he had a distinguished career within ICICI Bank, serving on its board as an Executive Director from 2017 until taking over the insurer.
HDFC Bank's board forwarded two names to the banking regulator for consideration: Bagchi as the external candidate, and Deputy Managing Director Kaizad Bharucha as the internal contender. Bharucha, an HDFC veteran who joined in 1995 and was elevated to Deputy MD in 2023, remains firmly in contention. Bharucha oversees crucial portfolios spanning corporate banking, wholesale credit, and retail assets. Notably regulators are balancing tenure-related norms that apply to whole-time bank directors.
A formal announcement from the central bank and HDFC Bank is expected later this week, bringing resolution to one of the most closely watched succession races in the Indian banking sector.
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